Plantation Club (“Plantation Club” or the “Project”) is the newest development in Plantation Belize. This beachfront resort community is being built on Plantation Belize Stage III, which consists of 966.1 pristine forested acres with 2.3 miles of sandy Caribbean beachfront. Of this, the Plantation Club subdivision consists of 171.8 acres and 5,081 linear feet of beachfront. (see Plantation Club Site Plan below).

With the launch of Plantation Club, Jim Parker (see About the Developer) is building on his 25-year legacy of quality innovative real estate development in Belize. Jim seeks to fund the development of the Plantation Club with personal funds, by partnering with an equity investor and/or by selling all or a portion of the remaining 795 acres of Plantation Belize Stage III land.  The Project is budgeted to cost US$223.6 Million to develop and construct and is projected to generate US$409.5 Million in net cash flow and residual value over a 10-year period. Of the budgeted build cost of US$223.6 Million, it is projected that $25 Million of initial cash investment from any of the foregoing sources should enable the Project to achieve a position of self-funding of the remainder of construction costs. 

Plantation Club infrastructure is projected to include a welcoming center, an access road, in-land waterway with direct Caribbean Sea access, protective breakwater, public marina, electrical distribution, water distribution, landscaping, telecommunication, amenities and maintenance structures. Entrance to the Project will be achieved by way of a planned lavish secured entry way with high end signage, water features, a long palm tree lined promenade, special lighting and other street scaping. To date the access road, Ocean View Boulevard, has been cut, filled and graded from the entrance to the boundary line of the planned hotel.

The welcoming complex will feature the first vertical structures in the Project, which are slated to include a two story 14,000 sq. ft. retail and hospitality building, a lighthouse, church and lavish promenade entry way with water feature. The first level of the retail and hospitality building will feature a fueling station, convenience store, residential sales center, souvenir shop and leasable space for local retail vendors.  A full-service restaurant and bar operation with management sleeping quarters will complete the second level.

This complex will be constructed on Commercial Site 1, (see Site Plan), which is strategically located at the intersection of the Riversdale Road and Placencia Highway and adjacent to the Project’s main entry gate. We are projecting that the Welcoming Complex is constructed, operational and fully leased by month 10 from the closing of construction funding.

The remaining vertical structures will include the construction and development  of the following residential and commercial operations:

• A 288-unit beachfront condominium home community.
• 14 exclusive beachfront homesites and 200 home & dock sites built on an inland lagoon with direct access to the Caribbean Sea.
• A 320 key (room) luxury branded condominium hotel complex.
• A 50-slip public marina.

During construction and development of the Plantation Club, the Developer will incorporate new technologies in modular assembly to control costs and assure quality control. The Developer is in the process of evaluating alternative sources of high quality prefabricated and manufactured structural systems to accelerate the construction and delivery of its designs. A primary objective of the Project consistent with the goals of the Plantation Belize Master Plan and the country of Belize will be to use construction techniques and technologies that are environmentally friendly.

It is a stated goal of Plantation Belize to “create a world-class model of high-technology harnessed to conserve one of the Earth’s last natural ecosystems.” Moreover, the Developer proposes to develop multiple sources of labor and materials to achieve the Project’s development objectives. Mayan, Mennonite and other Belizean workers provide a hard-working and motivated labor pool eager to learn new skills and improve their standard of living. Heavy equipment and construction materials are readily available through reliable distribution channels and the government has provided a series of financial incentives, primarily through tariff relief, to help keep costs down (see foregoing section, Belize Encourages Outside Investment).

In the Stann Creek District of Belize, there are no zoning authorities in rural areas, which are defined as areas not within the boundary limits of major cities. Since Placencia and the Placencia Peninsula are considered rural, the Project is not required to meet any particular zoning laws. Nevertheless, the Developer intends to build to the International Building Code (IBC) standard which is a much higher standard than anywhere in the country of Belize and is rated to withstand category 5 hurricane winds. Although zoning laws are nominal in Belize, laws regulating the protection and conservation of the environment are fierce. As previously described, the Project was cleared for development in 1997 when it entered into a formal Environmental Compliance Plan agreement with the Belize Government, Department of the Environment.

There are presently no restrictions on ownership of Belize land, including coastal land, by U.S. Citizens or other non-nationals. Unlike Mexico, which prohibits the direct ownership of certain land by foreigners on or near coastal lands, in Belize foreigners can buy and hold beachfront real estate in exactly the same way as Belizeans. What’s more, title to the Plantation Club Property is presently registered under the modern Belize Registered Land Act System and when constructed, the individual condominium units in Plantation Club will be registered in similar fashion. 

Under this system, an application is made for title transfer and a new Transfer Certificate of Title is issued to the grantee and a recording entry is made in the national Land Register. The Plantation Club Property has been registered this way and, as such, streamlines the process of transfer for subsequent condominium title conveyance, eliminates significant confusion and red tape and eliminates the possibility that title may be encumbered by other ownership or undisclosed liability. Importantly, those foreign nationals who purchase coastal real estate in Belize can rest easy knowing that they can get their title insured by any of the major U.S. title insurance companies.

Purchasers of Plantation Club condominium homes or beachfront homesites will be subject to typical Belizean closing costs. Closing Costs are projected to include title, attorney and miscellaneous costs totaling an estimated 1 to 2% depending on the fee structure of local and U.S. based legal counsel. In addition, an 8% government transfer stamp fee is levied on the purchase price of a condominium or home site. Thus, in the case of a homesite, costing say $249,000 a transfer stamp of $19,920 would be charged by the government.

However, the stamp duty on a condominium home is calculated much differently making it much less costly. The stamp duty is the same 8% rate but calculated on the equivalent land value associated with the condo unit square footage. The stamp duty is computed on the basis of comparable land values in the immediate area of the subject condominium residence. At this time, the nearest comparable value is the cost per square foot of a beach front lot, which is projected to be $16.67 for a lot measuring 75 feet by 200 feet (15,000 sq. ft.) and currently being offered at an average retail price of $250,000. By way of example, for a Standard Unit condo, containing 910 square feet of interior space plus 310 square feet of balcony space (1,220 square feet total living space) the transfer stamp fee would approximate $1,627 (1,220 square feet X $16.67 X 8% = $1,627). In addition, a small real estate tax of under $100 per homesite or condominium unit is projected to be assessed by the government annually, similarly to our U.S. county taxes, only a heck of a lot lower.

Vertical construction in the Project is programmed to begin immediately after receipt of construction funding. Such vertical construction is projected to include the simultaneous initiation of the following subdivisions and associated developmental components:

1. Construction of Welcoming Complex and Project Entrance
2. Construction of Infrastructure inclusive of completion of roads, installation of utilities (water, electricity, sewage and telecom)
3. Dredging and development of JungleLuxe inland waterway, connection to Sea and breakwater
4. Construction of Beachfront Condo Site
5. Sale of Beachfront and JungleLuxe Homesites
6. Design Development of first Hotel tower

Construction funds will be used to initiate each of the foregoing subdivisions until each component achieves a position of self-funding. The Project is expected to achieve substantial completion and stabilized operating conditions over a 10-year time horizon.

Detailed month by month and year by year construction and development schedules are provided in Plantation Club Financial Projections, an Excel Workbook provided to qualified developers and investors upon request.