Post by Greg Stamper on Apr 1, 2021 3:36:05 GMT -5
Private investors buy land to build upscale resort near the Red River Gorge
By Linda Blackford
March 31, 2021 02:30 PM
The slow march to build a private, upscale resort near the Red River Gorge continues: On Wednesday, the non-profit development arm, the Red River Economic Development group, announced that private investors will buy entrepreneur Ian Teal’s 891 acres outside of Slade for about $2.25 million. Those unnamed investors, known as the Red River Property Holding Group LLC, will hold the land until the non-profit arm can find a developer to build the resort.
A contract was signed Wednesday; the closing will happen after survey and title work continues, according to a press release from the group.
“Clearly, COVID has impacted virtually every part of the economy and especially the hospitality industry,” said RRED Chairman Charles Beach III, a former mayor of Beattyville. “While a significant rebound has started, we need more time to test the waters with developers and investors for the proposed resort. We’re extremely fortunate that this group of supporters is willing to purchase and hold the property for three years and give us breathing room to pursue a suitable development plan.”
Organizers declined to list the investors. There are at least two overlapping members between the two groups. Former Kentucky Chamber of Commerce President Dave Adkisson, who started the process to build a resort several years ago and has since retired from the Chamber, confirmed he will also be an investor in the holding group. One RRED board member, Elmer Whitaker, the president of Whitaker Bank, also confirmed he is an investor.
Adkisson said his role was vetted by lawyers for any potential conflicts of interest.
Read more here: www.kentucky.com/opinion/op-ed/article250337196.html#storylink=cpy
By Linda Blackford
March 31, 2021 02:30 PM
The slow march to build a private, upscale resort near the Red River Gorge continues: On Wednesday, the non-profit development arm, the Red River Economic Development group, announced that private investors will buy entrepreneur Ian Teal’s 891 acres outside of Slade for about $2.25 million. Those unnamed investors, known as the Red River Property Holding Group LLC, will hold the land until the non-profit arm can find a developer to build the resort.
A contract was signed Wednesday; the closing will happen after survey and title work continues, according to a press release from the group.
“Clearly, COVID has impacted virtually every part of the economy and especially the hospitality industry,” said RRED Chairman Charles Beach III, a former mayor of Beattyville. “While a significant rebound has started, we need more time to test the waters with developers and investors for the proposed resort. We’re extremely fortunate that this group of supporters is willing to purchase and hold the property for three years and give us breathing room to pursue a suitable development plan.”
Organizers declined to list the investors. There are at least two overlapping members between the two groups. Former Kentucky Chamber of Commerce President Dave Adkisson, who started the process to build a resort several years ago and has since retired from the Chamber, confirmed he will also be an investor in the holding group. One RRED board member, Elmer Whitaker, the president of Whitaker Bank, also confirmed he is an investor.
Adkisson said his role was vetted by lawyers for any potential conflicts of interest.
Read more here: www.kentucky.com/opinion/op-ed/article250337196.html#storylink=cpy