Dewey Beach Enterprises (DBE), owner of the Lighthouse Cove mixed use resort in Dewey Beach, is preparing for the next phase of construction.
The project is slated to get under way this fall. This comes after the successful first stage of the project that came after a lengthy legal battle.
In making the announcement, the developer released the following information on the economic impact of the bayside project formerly known as Ruddertowne. – DBE promised a new market threshold for its luxury penthouse condominiums at Lighthouse Cove.
Of the 14 oceanside units now sold, the average purchase price was $695,314, nearly twice the market price per square foot valuee. Only 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.
· DBE, through its Lighthouse Cove resort, has generated 83 full-time and seasonal jobs at the Hyatt Place Hotel; nourished more than 100 full-time and seasonal jobs at the onsite Que Pasa and Lighthouse restaurants; and created hundreds of construction jobs.
The Hyatt has reported high occupancy rates since its opening, even during the winter months.
“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,” stated E. Thomas Harvey, DBE president.” DBE will build upon this positive economic performance as it commences the next phase of development later this autumn.”Harvey added.
“The pricing threshold achieved to date at the Residences at Lighthouse Cove is unprecedented in Dewey Beach, in part, due to the First Class amenities that are available on site,” stated Clint Mann, Vice President of McWilliams Ballard Inc., the company managing the sales and marketing of the Residences at Lighthouse Cove. Details on the next phase of construction are expected later in September.
