Two of the developers involved in the Tetherow destination resort on Bend’s west side completed a land swap last week that they expect will spur the ongoing development of the project, including overnight lodging.
Under terms of the deal, Virtual Realty Enterprises LLC (VRE), of St. Louis, Missouri., transferred ownership of Tetherow Development Tract AA and five estate lots to Weston Investment Co. LLC of Portland, Oregon in exchange for Tetherow Development Tracts AC and Y. The transaction also aligns the $8.69 million financial guarantee to construct overnight lodging with the property on which that development is likely to occur, simplifying the path to construction.
According to Weston Investment Co., the deal is indicative of the cooperation and shared vision among the project’s current developers and county government officials.
VRE’s local representative, Jason Eckhoff, added, “This transaction, coupled with the announcement that iStar Financial recently acquired 159 lots in Tetherow, creates great momentum on which we can all build.”
The Board of County Commissioners is pleased with and encouraged by the cooperation among Tetherow’s developers.
Board Chair Tony DeBone said, “The Board is very pleased that the developers of Tetherow have come to agreement surrounding the future phases of development at the Resort, inclusive of overnight lodging. County planning staff and counsel have worked hard with each of the parties to create an equitable solution for all involved and we are excited about what the future holds for Tetherow.”
The land swap will enable Weston Investment Co. to site future lodging properties near the Tetherow Golf Course clubhouse. Tetherow Golf Course LLC, which owns and operates the golf course and its clubhouse, is also working on plans to build overnight lodging units in the same area.
Activity at Tetherow Resort has been strong in recent months. Lot sales gained velocity in 2012 with 12 transactions since the beginning of the year and membership in the golf course at Tetherow has doubled in the past 18 months. Several single-family homes are also under construction in the community.
About Tetherow
Tetherow is a 700-acre golf and recreational planned resort community cradled beneath the snowcapped Cascade peaks and situated among the Ponderosa pines of the Deschutes National Forest. Built around the award winning, David McLay Kidd-designed Tetherow Golf Course, the community offers single-family home sites as well as townhome living. Tetherow also has the potential to deliver overnight lodging options and other amenities.
About Virtual Realty Enterprises LLC
Virtual Realty Enterprises, LLC, is a Missouri limited liability company that has managed more than $500 million in assets. VRE invests in commercial development projects on both an equity and debt basis. VRE’s projects include an ownership interest in LaCosta Resort in Carlsbad, California; and a townhome development in Cave Creek, Arizona. VRE also owns marinas, hotels and vineyards throughout the U.S.
