The Helm Company Commercial Real Estate Consultants of Louisville today announced that it will serve as investment broker for Edgewater Resort, the first private development on Taylorsville Lake, 26 miles southeast of Louisville.
Edgewater Resort in Spencer County is a 163-acre development on a scenic bluff overlooking the 3,050-acre lake, leased indirectly from the Louisville District of the U.S. Army Corps of Engineers.
“Spencer County is the fastest-growing county in Kentucky, as well as the 23rd fastest-growing county in the nation. Edgewater Resort represents a giant leap forward for the county - and for anyone who wants to own a cottage on Taylorsville Lake. This will be the only development allowing overnight accommodations directly on the lake,” said Joe Helm Jr., president of The Helm Company.
The development, sited on a prominent peninsula on Taylorsville Lake just a quarter mile from the lake`s marina, will be developed in two phases. Phase I will include the construction of most of the 120 cottages; Phase II will feature the development of the remaining cottages and a “condo-hotel,” similar to those found at Hilton Head, S.C., and a conference center.
Construction of the cottages will begin in the fall of this year, with the “condo-hotel” and conference center scheduled to begin within 18 months.
Cottages at Edgewater Resort will offer significant ownership and investment opportunities at modest purchase prices.
The cost of a cottage at Edgewater Resort will start at $119,900. Owners may have year-round use of their cottages, although limited to 14 consecutive days at a time; unused days by the owners themselves will be placed into a rental pool.
“We are offering the opportunity for favorable financial terms so that owners can enter into an agreement that not only affords them leisure time at Taylorsville Lake, but the potential for a good return on their investment,” said Helm.
Each 945-sq.-ft. two-bedroom cottage will be fully furnished for year-round use and will feature a front porch, solid-wood flooring, eat-in kitchen, two baths, a living room, gas fireplace, deck and hot tub overlooking Taylorsville Lake.
“We believe that these cottages are excellent investments as well as a terrific opportunity to enjoy fishing, boating, skiing and hiking at Taylorsville Lake,” said Helm. “We project cash-on-cash returns for investors that are achievable between 10 and 36 percent, based on occupancy rates between 40 percent and 60 percent.”
Taylorsville Lake was authorized under the Flood Control Act of 1966. The Louisville District of the U.S. Army Corps of Engineers designed, built and operates the project for flood control, quality water storage, outdoor recreation, and fish and wildlife preservation and enhancement.
Taylorsville Lake is located in Spencer, Nelson and Anderson Counties in central Kentucky. Its dam is located on the Salt River, 60 miles above the stream`s confluence with the Ohio River and about four miles above Taylorsville in Spencer County.
Taylorsville Lake is composed of 3,050 acres, all of it nestled below majestic hills. Each year more than 780,000 visitors enjoy the Taylorsville Lake region. Boating, water recreation, fishing and trapping are permitted in accordance with the appropriate federal, state and local regulations.
The Taylorsville Lake dock is a state-of-the-art marina, which accommodates canoes, runabouts, cruisers and houseboats. Refreshments, boat-launching facilities, fuel, fishing boat and pontoon rentals are also available.
Edgewater Resort has been provided as a sublease by the Kentucky Department of Parks to Spencer County Fiscal Court. The developer, Premiere Resorts, LLC, will make all capital investments in the property.
The Helm Company Commercial Real Estate Consultants is a full-service Louisville-based real estate firm specializing in commercial sales and leasing, property management, and strategic planning and consulting. Founded in 2001 by Joseph B. Helm, Jr., the company`s clients include Edgewater Resort, Republic Bancorp, PNC Bank, the Al J. Schneider Company and Bellarmine University.
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