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(The Atlanta Journal-Constitution) Known as one of Georgia’s favorite vacation spot in the 50’s and the 60’s, Jekyll Island and the Buccaneer Hotel was the dream destination for winners on the hit show “Let’s make a Deal.” Today, the island is just a trace from its glorious past. Thus, residents of the island have something to be enthusiastic about as the island might be getting a new life.
Tramell Crow, a world-class developer, has recently formed the Jekyll Crow Replacement Hotel I. LLC. This project aims to develop a $90 million, three star hotel and conference center on top of the Buccaneer. The intricate plan to save Jekyll Island includes 300 hotel rooms and 120 two bedroom condominiums available as vacation rentals as hotel rooms during peak periods.
This move will definitely save a bungling and deteriorating tourist spot. In 2006, the Buccaneer Hotel was sold to avoid bankruptcy. However, the new management then only managed an occupancy rate of 37 percent. Droves of other cultural and tourist activities have also left including non-profit churches and mid-sized conventions that support the island. Thus, Trammell Crow’s investment is a new boost to Jekyll residents looking for something to energize their own glorious town.
The lease and hotel-motel payments to the JIA by the current management over the next 20 years will total $7.5 million. Furthermore, the new lease agreement will give JIA a revenue of $32 million over the same period or more than a million dollars of revenue per year.
Termed a sweetheart deal for JIA administrators and Jekyll residents waiting for the new energy to come to town, Trammel Crow and the JIA ensured that any agreement between the parties have been reviewed and voted in a public forum. Bob Krueger stated that the deal with the Jekyll Island Club Hotel which was the previous owner of the area “made no lease payments at all ti the JIA during its first decade of operation).
To further the comparison, the city of Cumming, Forsyth, and the state of Georgia decided to assemble a package offered to the Great Wolf Resorts to build a $130 million hotel and conference center and water park on Lanier Lake. Said project will receive government discounts, totaling to $16.6 million dollars.
Meanwhile the JIA’s project with Jekyll crow is more economically plausible as the city-island is expected to make full use of their tourist land through Jekyll Krow. “Jekyll Crow is receiving no rebates, no cash incentives, no tax reductions, no free land, no state appropriation or infrastructure improvements to their site.” Bob Kreuger said. In addition, the Georgia Rotary Club has expressed interest to return ti Jekyll by year 2009 right after the new hotel is built.
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