EXISTING COMMUNITY OVERVIEW

Presidential Estates is located midway between Fort Lauderdale and Miami on the east side of I-95. Which makes it stand at one of the most desirable areas in South Florida.

Presidential currently features homes by Coscan Homes and the Signature Collection by Brookman-Fels. There are 176 one or two-story homes built between 1998-2002 from 2,600 to 6,500 sq.ft. featuring private pools with lake or park views. Additionally, the gated neighborhood offers a 24-hour manned gatehouse for extra privacy and security.

EXISTING COMMUNITY DRAWBACKS

• Lack of amenities found in similar high-end, gated communities.
• Homes surrounded by land the community neither owns nor controls.
• 7 Years of on-going litigation.
• No guarantee of the legal process timing or outcome.
• Home values potentially impacted by unresolved land ownership and the absence of amenities.
• I-95 sound intrusion and security vulnerability.

THE OPPORTUNITY

By allowing our development team to build 36 new luxury homes. The existing community will receive the following:

• A private, community-owned 50-acre park. One of the largest in South Florida.
• A new Clubhouse.
• New Tennis Courts.
• An updated community entrance.
• New exercise fields, walking paths and water features.
• A new barrier/security wall along I-95.

COMMUNITY ENTRANCE

EXISTING

• Outdated design not in keeping with high-end communities.
• Traffic Jams.
• Outdated Access Technology.
• Outdated Security System.

NEW CLUBHOUSE

SOUND BARRIER / SECURITY WALL

• New sound barrier/security wall along I-95.
• Approx. 3,500 linear feet.
• Addition of another layer of security and privacy.

PRIVATE 50-ACRE PARK

• New 50-acre private, community-owned park.
• Land ownership transferred at no cost to HOA.
• New walking paths with fitness stations (Vita Course).
• New water features.
• Up to $250k for additional amenities.

THE NEW RESIDENCES

existing

• Potential for substantially more new residential units to be added with no amenities for existing owners.
• Potential for public Golf Course to resume operations.

*Images displayed are model samples only and subject to change. Depictions are conceptual, not to scale. The depictions are not a guaranty of the configuration of the residence.

PROPOSED SITE PLAN

CONSIDERATIONS

Minimal Construction Impact:

• Separate construction entrance.
• Security fence to separate construction site.
• Construction site adjacent to, but not within, current homes.
• $1MM Completion guarantee and construction insurance provided.
• All new homes and amenities included in Presidential Estates Declaration of Covenants.

BENEFITS

Increased home value through:

• Resolution of ongoing legal battle.
• Transfer of ownership of unused land to the association.
• Creation of new amenities buyers expect in gated, country club community:
  • Private, community-owned 50-acre park.
  • New clubhouse.
  • New tennis courts.
  • Community entrance/gatehouse upgrades.
  • New exercise fields, walking paths, and water features.
  • Sound barrier/security wall along I-95.

DEVELOPMENT TEAM

FAQs

Q. Will the money allocated to the cost of new amenities be enough to cover their full cost?

The Clubhouse and tennis courts will be completed by Forse in full, according to the agreement with the Board, and the transfer of land will occur at no additional cost to the HOA. Forse will also assume all costs for construction of the sound barrier/security wall along I-95 and the addition of water features.

Forse will provide specific financial allocations as negotiated by the Board for finishes, equipment and furnishings of the Clubhouse ($150K), improvements to the entrance gate ($300K), and development of the exercise fields and walking paths ($250K). If the HOA chooses improvement options that exceed those allocations, the HOA would be responsible for those additional costs.

All amenities will be initiated after Forse has closed on the first 12 new homes.

Q. Can THE HOA allocate the money FORSE IS contributing FOR new amenities toWARDS other improvements?

The funds, land and considerations that Forse has agreed to, are the result of a year-long negotiation with the Board, during which the Board defined specific preferences for the community. These details are specified in Forse's agreement with the Board and would require an amendment for that document to change.

Q. Why is Forse’s plan better than potentially winning the litigation? 

There is no guarantee that litigation will be successful and it is likely that the ongoing dispute has a negative impact on home values. Should litigation be successful, the HOA may prevent further construction to occur in the disputed property, but will have no access to such property, no added amenities to the community and would have to come out of pocket for any desired community improvements.

Q. How much will the newly built amenities cost the HOA to maintain, and will Forse contribute to this?

Maintenance costs will be estimated as the process moves forward. The funds, land and considerations that Forse has agreed to are specified in our agreement with the Board and do not include ongoing maintenance support. It is anticipated that funds currently contributed by community members towards litigation efforts may be redirected to cover or support maintenance costs.

Q. How long will the construction process take, and is there guarantee that it will not exceed a certain amount of time?

Forse is required to present the Board with a construction schedule within 90 days of the final governmental approval date and all construction is required to be completed within four years from such date. Any undeveloped lot will be fenced and secured until construction begins on that lot.

Q. What type of guarantee are you willing to provide the HOA if you back out of the deal? What happens if you stop construction mid-way through? What sort of restitution will be made to residents?

According to Forse’s agreement with the Board, Forse will provide a $1MM completion and performance guarantee secured by a bond or letter of credit.

q. What if you cannot sell all 36 homes?

Any financial risk associated with home sales is held by Forse and its partners. Speculative construction on new homes is not planned.

Q. To install infrastructure, will you have to tear up our streets?

To minimize impact on the community, Forse will provide a separate construction entrance. Because the development area is adjacent to existing homes and not within the developed areas of the community, it is anticipated that construction impact will be minimized.

Q. When will all of the property amenities be delivered?

All offered amenities will be initiated after Forse has closed on the first 12 new homes. Forse is required to present the Board with a construction schedule within 90 days of the final governmental approval date and all construction is required to be completed within four years from the final governmental approval date. 

Q. With the construction of new homes, how will this impact our HOA fees?

New home construction will have no impact on HOA fees or generate additional fees from new residents.

Q. Who are your other partners on this project?

We have been in conversations with some of the country's most prestigious homebuilders. Once the HOA approves this project, we will select the right homebuilder for Presidential.

DEDICATED CONTACT INFO