Page 21 - PalmasDelMar_Development

PALMAS

DEL MAR
DEVELOPMENT OPPORTUNITIES

The Company’s interests in Palmas del Mar are as follows: The approved Master Plan for Palmas del Mar provides for flexibility in the
transferability of density within the approved development. The development
Land Holdings Acreage Developable Units is divided into five primary sections. The master infrastructure in the Resort
Resort Core 6 Core (RC), Central Palmas (CP), and Palmas Plantation (PP) sections have
essentially been completed. These three sections include 258 acres owned
Central Palmas 39
by the Company and common area improvements, including a sewage treat-
Palmas Plantation 213 ment plant, green areas, access roads and a beach-front park. The remaining
Buena Vista / El Morro 339 land inventory is primarily contained in two tracts. The first piece, the South
Guayanez 416 Palmas tract is referred to as Guayanez. This parcel is located on the south
end of the development and is entitled for approximately 1,960 housing units
Total 1,157 4,330 units on its 416 developable acres. The second piece, the Buena Vista / El Morro
Other: parcel, is located on the northern end of Palmas and contains 339 develop-
Shopping Center Site 63 650,000 sq. ft. of retail and office space able acres and entitlements for approximately 1,850 units.
Sales & Villa Rental Office 7,939 sq. ft. The entitlements described herein represent the allowable density that has
been allocated to the individual parcels. However, the Company retains the
Executive Office Complex 15,439 sq. ft.
flexibility to transfer density and the total allowable units are not reduced if a
parcel is developed with less than its allocated density. Any unused density is
accumulated in a land bank parcel for future distribution.

Rendering of Buena Vista / El Morro parcel.

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