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ABOUT THE PROPOSED DEVELOPMENT |
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What type of development are they planning?
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CLICK TO DOWNLOAD ANALYSIS AND QUESTIONS CONCERNING THE PROPOSED ZONING CHANGE CLICK TO DOWNLOAD CANOPY'S SUBMISSION LETTER CLICK TO DOWNLOAD THE CANOPY'S ZONING PETITION CLICK TO DOWNLOAD AMENDMENT EXHIBIT D CLICK TO DOWNLOAD THE DRAFT SCOPING DOC Who is Canopy/HRVR? Canopy is a development company whose major stakeholder as of September '07 was a company called Revolution LLC, a conglomerate created by former AOL/Time-Warner CEO Steve Case. As of July '08, the project is being driven by Rick Steele of Longmeadow Capital, partnering with Revolution LLC, Matrix LLC and other investors in a new corporate entity that calls itself Hudson River Valley Resorts, LLC. Canopy Development has been hired by this corporation to act as development manager. While Revolution LLC remains a stakeholder in the venture, they are now keeping a low profile. To date, Canopy Development has not completed a project of any kind. The official transfer of control of the Williams Lake property to the investors happened in April '08, when HRVR was reported to have acquired controlling interest in Binnewater Realty and Ulster County Construction Company, Inc., the companies owned by Anita Peck that held ownership of the Williams Lake property among others. Anita Peck was identified at the time as a partner in the proposed development. It is a legitimate question to ask why control was acquired in this way. Such an apparent takeover - rather than a direct sale - might be seen to "grandfather" in the long-standing but ill-defined agreement between the Town and the Williams Lake Hotel, so that aspects of this outdated, almost casual agreement would carry over to new development on the property. To further muddy the water, records seem to indicate that Canopy/HRVR's control of the property may in fact be temporary, paid for by a kind of lease arrangement entered into with Binnewater Realty for a limited period of time - perhaps as few as three years. That strategy would provide some shelter from risk to the investors/developers, who could forfeit their contracted lease money to Ms. Peck and walk away, should their required profit margin be threatened by the unforeseen: denial of the required zoning change; the market downturn and the resulting loss of clientele; or the cost and complexity of defending their plan to build subdivisions amidst the caves, rock ledges, wetlands and sink holes of the proposed site. Longmeadow Capital Partners has invested in interests as diverse as Polish Cable Television, real-estate and thermoplastic polymers. Steve Case's Revolution LLC controls a company called Exclusive Resorts which operates luxury vacation homes and time-shares available to members who pay a one-time fee of as much as $425,000 and additional annual dues of up to $27,500. Also mentioned early-on by Canopy CEO Tom Horton as the client for the Williams Lake development was the Miraval Resort of Tucson, Arizona, as well as the lifestyle/real estate enterprise called Miraval Living - both owned by Steve Case. The Williams Lake project appeared in September '07 to be the Miraval Spa's entry into the East Coast market, where it's main competitor would be Canyon Ranch in Lenox, Massachusetts. According to Canopy/HRVR, the relationship with Revolution has since changed and their direct support of Canopy/HRVR has cooled. In September '07 Canopy was under orders from Revolution LLC to MAKE NO PUBLIC MENTION of the "brand" for whom this property was then intended - Miraval Living. Now, Rick Steele and HRVR say that they don't know what Spa interest might come in, nor do they know who will run it - apparently a "build it and they will come" approach. In any case, the real-estate/gated vacation-home aspect of the Canopy/HRVR concept plan is of great concern. (see IMPACT) This kind of development plan has become fairly common in recent years, and has proven profitable for the developer who keeps his financing together, while often destructive over the long term to the small towns that play host. RELATED LINKS on the DEVELOPERS - THEIR CORPORATE STRUCTURE and STATED INTENTIONS >>> Longmeadow Capital Partners, LLC >>> Business Week article on Steve Case's big gamble on hospitality and wellness... >>> New York Times article on Miraval Living - stating Steve Case's intention to brand Miraval as "...the Nike of wellness." >>> Patagonia CEO Michael Crooke Named CEO of Steve Case's Revolution Living >>> Washington Post article on Steve Case going into business with Gaiam Inc. >>> Washington Post: Steve Case's Eco Getaway >>> Think Global: MetaSystem Consulting Group >>> Exclusive Resorts >>> The Revolution Corporation >>> Revolution acquires Canopy >>> The Canopy Corporation >>> Miraval Living >>> Miraval Resort site >>> Curbed.com article on the Miraval Living apartment building in Manhattan READ ABOUT THE MAN BEHIND THE CURTAIN: >>>Fools Rush In : Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner by Nina Munk. >>>Stealing Time : Steve Case, Jerry Levin, and the Collapse of AOL Time Warner by Alec Klein. |
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Land on the West side of Binnewater Road has been purchased by Canopy/HRVR. Land on the East side of Binnewater Road continues to be owned by two companies established by the Williams family, but controlling interest in those companies has been purchased by Canopy/HRVR, thus giving them control of the land. |
What properties has Canopy/HRVR acquired? Our research shows:
CLICK HERE TO ACCESS DETAILED BACKGROUND INFORMATION ON THE CANOPY/HRVR PROJECT COMPILED BY CHRISTOPHER BEALL
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