Dramatic Events Signal another Change at European Village

Unable to complete their purchase contract, the new operators were evicted and escorted off the premises by Flagler’s finest.

July 20, 2007 – Palm Coast, Florida – At 3:00 pm Monday, July 16, the sheriff’s department  escorted employees of Cory Jones’s from the premises of European Village. Cory Jones had planned to purchase European Village and reportedly was operating the facility under an interim agreement. The original story incorrectly identified the proposed purchaser as Cory’s father, Carlton Jones, and his company. Neither Carlton Jones nor his company have any association with European Village, its proposed purchase, or its interim operation. Integrated Resorts, headed by four Palm Coast residents, took over immediately, culminating negotiations that started only ten days earlier. They will operate the property under a management agreement with European Village LLC.

Garrett Spitzer, one of the Integrated Resorts’ foursome, and his partner, Mark Misti had been watching the recent deteriorating environment at European Village. They expected problems and “inherited them willingly,” but were surprised to find the computer reservation system sabataged. They also discovered that they had two weddings booked for this Saturday, for which non-refundable deposits of $800.00 had vanished.

European Village was developed as a condominium, meaning that the units are separately owned. It is comprised of first floor commercial units and upper floor residential units, each with their own condominium associations. From a hotel like lobby, the operator manages the rental of the rooms as well as the interior plaza, which contains movie screens. European Village LLC is also the owner of the adjacent tennis complex formerly known as The Players Club.

Earlier this year, Cory Jones’ group agreed to purchase European Village LLC from developer Peter Roehr, but the deal was complicated by the existence of several liens. Ultimately the purchase contract was not completed.

Spitzer says that he is emotionally committed to Roehr’s vision of a 4-star hotel, with a vital plaza at its center. He admits that his decision to take over European Village was more emotional than logical, but says that the decision seems to become more logical with each day. Along with his wife, Patricia, son Nicholas, and partners, Mark Misti, Craig Savage, and John Andersonson, they have pulled things together in just a few days. The two weddings will go off on schedule. 

Spitzer says his first goal is “to get the unit owners back in the revenue stream.” Their mission statement is “Make it work.” Their strategy is to “Make it work, one day at a time.” The resurrection of the tennis complex and a pool are not immediate projects, but Spitzer says they are definite for the future. The Integrated Resorts management contract will have no effect on the operation of the commercial condos.

European Village is not Integrated Resorts’ only project. Based in Palm Coast, they are developing 270 acres on Long Island in the Bahamas. When completed, the project will consist of 340 single family homes and a 300 room condo hotel with a casino, 3500 feet of beach, and 3500 feet of waterfront. The beach will be open to everyone, including the Bahamian people.

If you are interested in what condo unit owners are saying, or want to get a sense of the level of emotions involved, visit the following blog:  EuropeanVillageRealty.com