Until now I've just been a lurker here. I appreciate the wealth of knowledge on these topics. Thanks in advance.
I'm a residential real estate developer who happens to be an avid watersports fan. I've been to a couple private man-made ski lakes and always loved the concept. I've though about doing my own for some time, but as a developer, my approach would be different than most that I've seen. Specifically, in my region, private lakes are highly exclusive. Just enough residential lots to share the construction burden. This typically means about 10-24 lots in a 2-lake setup.
I want to take a different approach. The concept is a private HOA but will not be an exclusive gated community. There will be a higher number of residences and lot prices will be reasonable. I've attached a preliminary plat with some dimensions and callouts, but here are some answers to FAQs.
- The main entrance is on the north end where there is an arterial road in the community, but all other road outlets tie into surrounding community feeder streets. This will not be a gated community.
- These lakes ARE NOT ever meant to host tournaments. There will not be jumping or ramps. Both lakes must accommodate wakeboarding/wakesurfing in order to make lots appealing to the local family culture. We do not intend to have islands in order to provide the greatest versatility.
- Strongest prevailing winds are north, making both north-south and east-west configurations less ideal. Best to angle them as shown.
- Total parcels are 92 acres. Land is nearly perfectly flat in all directions (currently ag land) with less than 18" of drop end-to-end.
- Soil surveys indicate heavy sticky clay formations. We don't anticipate seepage issues or any rock formations, but the water table is high so we do anticipate having to dewater during construction.
- The local university collects evaporation data. Apr 1 - Oct 31 we typically have 41" of evaporation with the peak in July at about 0.3" per day. This is pan data, so shielded large body evap should be lower.
- The land comes with water shares and water rights. There may be a small spring, but given the size of the project and the criticality of the water level, we will be drilling an agricultural capacity well. Worst case scenario, water is very cheap here and we can fill the entire lakes from dry with a fire hydrant for about $35K. Given rainfall, we could maintain water levels from a municipal source by raising the HOA fee about $5/month.
- Intended lake depth is 10-11' within 40' distance from center line in both directions, after which it will begin to shallow at an average 5:1 slope for another 40'. The last 2' of depth will be close to 16:1 slope. There will be another 10ft of beach sand beyond shoreline.
- There are two large public docks as noted on the plat. Each will have a public boathouse with furniture, outdoor kitchen, TV, and upper viewing deck. Additionally, behind each dock is bathroom and locker facilities.
- Community docks will each include heated swimming pool (25'x50'), one hot tub, and one warm tub. The docks and pools are located on opposing ends to prevent excess travel from residents at far end.
- We do not intend to have private docks on the lake that protrude inside shorline, but waterfront owners will be allowed to obtain permission to cut a small dock/boathouse into their backyard at their own expense, provided the appropriate procedure is followed to dam off and seal the cut during construction to prevent seepage.
- Private competition series boats will be allowed, if pre-approved. HOA will purchase and maintain 2 competition series community boats no older than 3 years. Fuel dock near ramp at east end of north lake.
- Lake use will rotate days of week; e.g. power days mon, wed, fri, sat, sun. Non-power days tues and thurs but power use allowed if lakes are not in use for non-power recreation. Power use rotation is 10 minute turns.
Waterfront lots do not have to be built on, but must be fully professionally landscaped and maintained within 12 months of purchase. There are currently a total of 57 waterfront lots ranging in size from 0.25 acres to 0.5 acres. Lot size configurations are randomized to allow combination for larger builds. There are also 55 non-waterfront lots averaging 1/3 acre in size. These will be subject to HOA and have access to lake use.
As depicted, there are also 7 multi-family structures, intended to be Class-A waterfront condos. These are designed such that all units are water facing and within 30ft of shoreline. The structures will be 3-story flats. The one near the north entrance will likely be elevator access and restricted to 55+. The others will likely be walk-up. There will be 210 multifamily units. There are also 6 live/work units along the frontage road for those who want their work space attached to their living space.
Additionally, all owners will have access to community facilities including clubhouse, full size gym (Planet Fitness), event center, sauna, massage rooms, office workspace, etc.
I welcome all questions and advice. We do realize the number of residents places a fairly high burden on lake use. Keep in mind, this is meant to be an accessible residential resort community centrally located in a small metro area of about $200K people, and within 1 hour of a larger metro of 1.75MM people. It is not a remote competition training ground or exclusive escape. For reference, equivalent sized waterfront lots on private lakes in this region sell for $300-$450K. We will be targeting $170-$270K, depending on lot size and would like to keep the HOA fees as far below $100/month as possible.