Grand Palisades prior construction beginning anew.
After six years of dormancy, development of the timeshare resort Grand Palisades has resumed once more under Westport Capital Partners. Trouble for the resort began in 2009 when the recession was in full swing and the project’s lead developer declared bankruptcy and fled the country, leaving thousands of investors furious and filing lawsuits while the resort itself laid unfinished and vacant behind a chain-link fence with a decidedly uncertain future. Grand Palisades had foreclosed for a hefty $150 million.
Westport Capital Developers has a history of acquiring and breathing new life into distressed and vacant properties and has very high hopes for Grand Palisades; Orlando is a consistently strong bet for development. The exact details and structure of the resort remain unclear – Westport is open to all possibilities and haven’t decided whether the renewed Grand Palisades will be a fractional timeshare, straight condos or a combination of condos and a hotel.
One thing that is certain is that the project is receiving quite a bit of love and will take some time to get back up on its feet – Westport estimates that development could take up to eighteen months. Big things are planned for the property, and a spa, gym and restaurant are just some of the ideas brainstormed for Grand Palisades.
The revival of Grand Palisades isn’t only a good thing for Orlando vacationers – it represents the renewed vigor of timeshares. Much like other “luxury” industries, the timeshare industry experienced its fair share of struggles during the recession, with many independent resorts closing their doors and even the big resort management companies working to turn a profit. Even so, many vacationers could see the value in timeshares and this popularity has been a boon to the timeshare industry – investors are willing to step up and take a chance on timeshares and there’s no doubt that vacationers will be the ones to benefit.
Photo Credit: James Hobart, Macbeth Photography