PORT ST. LUCIE, Fla. – Nov. 21, 2013 – Crystal Lagoons Corp. will begin construction in early 2014 on a giant lagoon – a large in-ground swimming pool that resembles a natural lake and allows for water sports – in a Port St. Lucie, Fla., housing development that lacks beachfront presence.
The lagoon “allows you to take a land site that is less attractive to a developer – that is arguably nonviable – and allows you to create the opportunity to make it a viable property,” says Crystal Lagoons USA Inc. CEO Kevin Morgan
Other developers are waiting to see what happens – whether the development draws enough buyers to make the pricey man-made lagoons economically feasible. Some real estate executives avoid artificial waterway projects because of a potentially astronomical cost of maintenance.
The Tradition Florida master-planned community, to be built in partnership with Inmobiliaria Aconcagua, will feature up to 2,000 single-family homes, townhomes and condos built around the lagoon, which Crystal Lagoons says should cost about $400,000 per acre and span eight to 16.5 acres.
Source: Wall Street Journal (11/20/13) P. C6; Wotapka, Dawn
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