At a Special-called meeting of the Owners, held August 5, 2006 in Casa del Mar's brand new 2,500 square foot meeting facility, a large majority of the Owners voted in favor of two major improvement projects which are now complete and have dramatically enhanced the overall appearance of Casa del Mar. These projects mark the completion of a property wide re-modeling effort which began several years ago. We believe these projects have allowed the owners to experience increased property values as well as a new found pride in Casa del Mar.
The first phase of this final project included the removal of all four stair towers located at the north end of the property and the adjoining walkways which serve as access to units located to the north of the central elevators.
The second phase of the project included the complete removal and reconstruction of all remaining unit balconies, the removal of the original cedar siding and the installation of new fire-resistive Hardi-plank siding throughout the property. The design of these balconies is similar to those on the south side of the property which were previously remodeled during the 2005 and 2006 improvement projects.
We are excited to have this major project complete for the enjoyment of our owners and guests and are proud to have Casa del Mar reclaim its position as the original leading condominium property on Galveston Island!
The contract for this work was awarded to and complete by Jamail Construction. Jamail has worked for nearly ten years with Casa del Mar's design team, including Gossen & Livingston Architects, Pinnacle Engineering and Resort Group, managing agent, completing the interior remodel and all structural steel renovations outlined above. Negotiations and value engineering reduced the original estimated of the cost of the recently approved projects in excess of one million dollars.
Construction of the Phase III project began in the fall of 2006 and was complete in the winter of 2007. Over the past 8 years, Casa del Mar has undergone a property wide remodel which has included; $ 400,000 on a new roof (2001); $ 1,400,000 on the replacement of the central stair towers and elevators, Phase I (2002-2003); $ 5,000,000 on the replacement of the south stair towers and elevators, new meeting room, remodeled lobby and the replacement of all south facing balconies, Phase II (2004-2007). The final project, Phase III, in the amount of $ 5,200,000, completes the overall remodel/reconstruction of one of Galveston Island's leading condominium properties. Additionally, the Rental Association has spent over $1,600,000 on refurbishing the interiors of over 180 units which participate in Casa del Mar's rental program (1997 - 1999).
The majority of these funds have been contributed by the Owners in previously approved Special Assessments, leaving the Homeowners Association with long-term financing obligations of less than ten percent of the combined cost of these improvements. The Owners, who have experienced dramatic increases in property values, are looking forward to having Casa del Mar reclaim its position as the original leading condominium property in Galveston, located at 61st and Seawall, the premier location on Galveston Island.
It should also be noted for prospective property owners that Phase II and Phase III were financed by a combination of sources, including a special assessment to each unit, a portion of common area fees devoted to the project and bank loans. The per unit special assessment for Phase II was $11,200 and the per unit special assessment for Phase III was $18,550. Final payment for each of the projects was due on September 15, 2007.
We are excited to continue to improve the property for the enjoyment of our owners and guests and are looking forward to having Casa del Mar reclaim its position as the original leading condominium property on Galveston Island! If you have additional questions regarding the construction projects, please contact Theresa Elliott at 409-740-2431.