Residential Development
The real-estate program that funds the build and creates the permanent community — garage condominiums and trackside lots in Phase I, with a villa-estate program in the expanded plan.
The Phase I program
The Phase I release combines two products — garage condominiums and quarter-acre trackside lots. Combining both is what makes the 60% LTV financing work: the lot product adds completed value and collateral at low build cost.
| Product | Sale price | Build cost | Reference |
|---|---|---|---|
| Garage condominiums | ~$1.5M | ~$1.0M | |
| Quarter-acre trackside lots | ~$895K | modest infrastructure | |
| Completed Phase I value | ~$128.7M | net margin ~$69.7M |
Model absorption
Real-estate absorption model
Cumulative completed real-estate value as the Phase I release (50 garage condominiums at ~$1.5M and 60 trackside lots at ~$895K) is absorbed at a chosen pace.
Residential absorption is paced to membership. Value accrues as homes are constructed, not at initial lot release.
Expanded residential plan (high-side option)
An expanded program is held in as the high-side residential plan, larger than the certified figures and to be adopted only if it becomes the controlling plan.
| Product | Units | Avg price | Program value |
|---|---|---|---|
| Garage condominiums (Phase I) | 150 | ~$2.0M | ~$300M |
| Private villa estates (Phase II) | 50 | ~$4.0M | ~$200M |
| Full-build program | 200 units | — | ~$500M |
Absorption
Residential absorption is benchmarked at ~8–14 units per year at the expected pace and is paced to membership. The permanent on-site community it creates is the year-round economic base analyzed on the Visitor Spending and Economic Impact pages.