Hotel & Gaming Development Southeast
Transaction Type: Restructuring
Industry: Gaming
Location: Southeast United States
Client: Developer and Bulge Bracket Investment Bank
Role: Financial Advisor and Project Advisor
Cascade was originally engaged as an advisor to the investment bank in a foreclosure action against the original developer of the project. Cascade was then invited to participate in the purchase of the original note and arranged to do so in combination with other private equity sources.
The team then engaged Cascade to arrange to acquire the necessary entitlements for the planned $2 billion resort. The development entails 262 acres on the waterfront of the Gulf of Mexico. A Planned Urban Development was created by Cascade with a unique combination of high-density commercial and residential space that is offset by the preservation of open space. A total of 1,800 residential units are planned including a 35-story condominium tower. There will be a total of 200,000 square feet of retail space, 5,000 condominiums, gaming, a hotel, and a golf course.
Construction and development have been delayed due to the post-Katrina uncertainty in the development environment and capital market issues due to the credit crisis.