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THE RAVELLO PROJECT
PROJECT HISTORY

Ravello was previously part of the Tesoro project initiated by Bobby Ginn in the early 80’s. Tesoro consisted of the development on Becker Road and Westmoreland road and were tied together both through marketing and legally as one community. When the real-estate crash reached Florida the Tesoro project went into bankruptcy and two separate individuals bought each location. In the process of creating two separate entities an issue surfaced that caused a “black Cloud” to descend over Ravello.

First, a legal battle ensued between the Tesoro Golf Club (Becker Road entity) and the Tesoro Preserve (Westmoreland entity) over mandatory golf club memberships, which few lot owners in the Tesoro Preserve wanted.

1) The Tesoro Golf Club had the right pursuant to the original POA documents to claim a Social Membership Fee from mainland lot owners inside the Tesoro Preserve Project. This fee did not apply to lot owners whose property touched the water in any way. The annual fee was an onerous amount, claiming a one-time membership fee of $26,000.00 from each lot owner in the Tesoro Preserve.

2) Also, the Tesoro Golf Club had the right to collect an annual Social Membership Golf Club Fee of $6,000.00 from each mainland lot owner.
As a result of the legal battle that lasted quite a number of years between the Declarant of the Ravello Project and the Owners of the Tesoro Golf Club the deficit in the POA of Ravello swelled to over $1,000,000.00. When the project Tesoro Preserve was first conceived, 118 water front lots of the 440 total lots contained in the Ravello Project were considered to be water/boating lots and not golf lots. This said, the 118 lots that were considered boating lots were not subject to any Golf Club obligations or legal exposure. However because both the waterfront and mainland lots were held in the same POA and subject to the same onerous legal fees, home building stopped.

A Solution emerged!

The water front land and home owners got together and convinced the declarant of the Ravello Project to allow for the separation of those lots that were not subject to the legal entanglement of the Ravello POA to the Tesoro Golf Club. The new Island of Ravello POA consisting of 118 lots water lots were formed in April 2015 that operates separately from the Mainland POA and was not subject to the legal threats or cost over runs. Three landowners were elected as Directors of the new POA and since have turned the new POA into a cash flow positive entity while significantly beautifying the waterfront properties.

The new Island of Ravello POA has a solid financial structure allowing for an aggressive revitalization of all of those areas in our project that suffered from a lack of maintenance or investment. To a great degree, most outstanding issues have been resolved and a program put in place to enhance further this beautiful project.

Secondly, there are no outstanding legal issues with any of the POA’s suppliers or the Tesoro Golf Club. This new POA structure allows for interested purchasers to take confidence that they will not be affected by the turmoil of the past.

Third, because of the efficiencies and cost reductions implemented by the Board of Directors, we anticipate that The Island POA will be able to reduce the POA fees yet still improving services offered to the owners.

Fourth, we have reduced the complexity and costs for lot owners by through changes in the Ravello POA documentation. We are not done! The Directors hope to further simplify the building process

The board of directors has one goal. To make the Island of Ravello Project a success by removing obstacles that have deterred lot owners from building in the past. These directors work as volunteers without payment for service and with an open book approach allowing any owner access to the budgets and revenues and the books and records of the Island of Ravello POA. The Directors are committed to “Team Ravello” getting every one engaged and working towards the same goals of seeing this beautiful property become vibrant once again.

How can you be part of this exciting community?

Although lot owners are free to choose any qualified builder, we felt it was important to recommend our builder who can build a quality home for a reasonable price. Mr. Bruce Neandross the President and owner of Neandross Development Corp has a proven record building and developing homes ranging from the low hundreds of thousands to the millions of dollars specializing in the higher end homes.

The Island Point Development LLC was formed to provide a turnkey solution for those seeking new homes regardless of their budget. Through working with Bruce we have created four area of development, one that will hopefully meet the needs of all levels of purchasers.

a) Island Lots (Island Water Front Lots)
b) River Lots (Island Back Lots and River Lots)
c) Preserve Lots (Via Bisento Lots)
d) Lake View (Neandross Lots)
The Island Point Development group can build design within your budget or we can offer a number of models that are available and will be accepted by the Island of Ravello POA beautifully designed by The Sater Design Collection, Inc.

We have 15 lots on the Island of Ravello, mostly waterfront we have the only remaining three lots on the River and finally we have 16 lots in the Preserve Area located on Via Bisento and we can add more lots should the demand warrant.


http://viscontihomes.com/project-history-2/