By Russ Lay | Outer Banks Voice on August 7, 2010
Amit Gupta meets us in a tie, unusual attire for the Outer Banks. His company, Saga Construction, came to northeastern North Carolina in the early 2000s, first building homes, then expanding into subdivisions, including one in Edenton. Saga recently finished a small complex in Kill Devil Hills with townhouses priced below $200,000.
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When Saga noticed the 13-acre oceanfront property owned by Audubon in the Multiple Listing Service in 2006, the zoning was no secret. It was listed as Limited Hotel Business. According to Gupta, Saga began exploring development in 2008, meeting with Turnpike Associates as well as Bill Creswell and Jack Hughes of the Pine Island Property Owners Association.
Saga’s original plan was to incorporate its project into the Pine Island planned unit development, or PUD. Pine Island’s Property Owners Association wanted residential development, which didn’t interest Saga. Joining the PUD would also require some utilities, such as sewer, to be controlled by the property owners association, which was not acceptable to Saga.
Gupta noted the oversupply of beach-front homes and a lack of retail space at the south end of the Currituck’s beaches. According to Saga’s research, there is a leakage of 28 percent in retail sales from Currituck beach visitors to Dare county retailers, which also means a loss in tax revenue. He said the county had also paid for three separate studies that encouraged more mixed-use development, a conclusion that dovetails with data collected in Dare County as its municipalities plan for the future.
Saga then decided to work on a project that would take into account the results of its own research as well as the county’s — a plan Gupta said he feels would result in a more financially sound investment for Saga. The company arrived at a 100-room hotel, 32 condominium units and 22,000 square feet of retail space, which is about half the size of the new Food Lion in Nags Head. The Audubon tract fit Saga’s and the county’s goals for mixed-use projects.
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While Pine Island has placed ads in local papers predicting a hotel would be a financial mistake, Gupta is sticking by his numbers and research. He said he feels there is easily demand for 300 to 400 rooms in the area.
Gupta isn’t concerning himself with the occupancy success of the Hampton Inn, which is next door to the property where he wants to build his proposed project. While not revealing any exact details, Gupta exudes confidence that whatever hotel plan Saga implements on the property, it will be successful.
We queried him on the lack of financing and poor sales record of condos currently on the market. Again, Gupta dismissed those worries, saying the company can design a financial plan to rent them — not sell them — and “cash flow” the project that way.
In terms of tax value to the county, Gupta notes that no matter what happens in the various legal appeals now moving forward, the property will be developed one way or another. If it’s residential, he figures 11 or 12 homes will fit on the land. In the boom, the tax value of those homes would have been $18 to $24 million. The company has floated a $30 million number as an investment amount for its project, not significantly different in terms of assessed value from the residential option — certainly not different enough, according to Gupta, to favor one plan over another from the county government’s point of view.
Gupta seemed surprised at the ferocity of the public relations campaign conducted against Saga by the Pine Island Property Owners Association, especially ads placed in The Virginian-Pilot during the run up to the public hearings on the project.
One ad placed by the POA depicts a high rise hotel of about 13 stories, 26 sections across. Another ad asks “What part of a recession don’t they understand?” an odd expression of opposition to a project that would supply both construction and permanent jobs.
Of all of the players involved in this story, the developer seems to be the least culpable. The company responded to a property listing posted by Audubon and in an LBH zoning area. It entered into negotiations with Audubon and its neighbors. It worked with the county to ensure its plans would substantially meet regulations and requirements.
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In the long run, Saga will also have to conform to Coastal Area Management Act (CAMA) regulations relative to the dune line, setbacks, fills, coverage, storm water and other issues.
In other words, Saga walked into a sale scenario that has turned into a firestorm.
Part One: Audubon’s benefactor in Corolla wore two hats »
Part Two: Pine Island leads the fight against hotel project »
Part Three: Huge preserve is Audubon’s main focus in Corolla »
Part Four: Map mixup became Audubon site’s official zoning »
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Source: https://t-tees.com
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