Dewey Beach Enterprises, developer and owner of the Lighthouse Cove Resort, has launched the expansion of the resort in Dewey Beach. The Lighthouse Cove expansion includes 18 new luxury bayside condominiums , as well as an interior parking garage to accommodate more on-site parking. The first level of the expanded parking deck will create 68 additional parking spaces for Lighthouse Cove operations.
Construction of this next phase begins immediately, with the new Lighthouse Cove condominiums expected for completion by Memorial Day 2015. “We are thrilled with our progress to date, and our expansion plans are the direct result of our success and the commitments we have honored,” said E. Thomas Harvey, DBE president.
The new bayside condominiums, are now being pre-sold and will feature pre-construction incentives to be announced in the near future. DBE enjoyed a strong first-year reception with The Residences at Lighthouse Cove penthouse condominiums. It took note of the following economic pluses for the project.
– Fourteen of the Oceanside Residences at Lighthouse Cove have already sold. The average purchase price was $695,314, nearly double the market’s per square foot value, and setting a new price standard in the Dewey Beach market. Two Oceanside units remain for sale.
– During the 2014 season to date, 40 percent of all condominium sales in the local market were attributable to The Residences at Lighthouse Cove.
– DBE promised an estimated $320,000 in total transfer tax revenue from the sale Oceanside condominiums, equally shared between Sussex County and the Town of Dewey Beach. Of the 12 penthouse units sold through July, total transfer taxes were $240,000, of which $120,000 went to the Town of Dewey Beach,. Additional revenue streams wnet to state, county, and local coffers.
– A supplemental permit fee of $108,000 was paid to the Town of Dewey Beach for this next phase of construction. In 2012 DBE paid the Town of Dewey Beach $480,000 for the shell permit for the entirety of the Lighthouse Cove resort structure.
The next phase of construction is expected to employ 150 persons from a variety of construction areas. Across the Lighthouse Cove resort, DBE further generated 83 full-time and seasonal jobs at the Hyatt Place Hotel; supported more than 100 full-time and seasonal jobs at the onsite Que Pasa and Lighthouse Restaurants; and created hundreds of construction jobs.
