delaware commercial real estate | Harvey Hanna


Promises Made, Promises Kept at Lighthouse Cove Resort in Dewey Beach

September 9, 2014

Promises Made, Promises Kept at Lighthouse Cove Resort in Dewey Beach

Lighthouse Cove Resort in Dewey Beach
Lighthouse Cove Resort in Dewey Beach

Dewey Beach Enterprises (DBE) announced yesterday that the company is ready to move onto the next phase of construction of the Lighthouse Cove Resort located at Dickinson Street on the Bay of Dewey Beach, Delaware.

The press release cited the overwhelming success of the newly built Hyatt Place Hotel in tandem with the sales of 14 of the 16 Oceanside condominiums as a sign that the second stage of the project should begin this fall and that more details would be released later this month.

The Lighthouse Cove resort encompasses the Hyatt Place Hotel; penthouse and bayside residential condominiums; retail stores and restaurants; a future conference center; and an array of public amenities.

“The pricing threshold achieved to date at the Residences at Lighthouse Cove is unprecedented in Dewey Beach, in part, due to the First Class amenities that are available on site,” stated Clint Mann, Vice President of McWilliams Ballard Inc., the company managing the sales and marketing of the Residences at Lighthouse Cove.

The average purchase price for the luxury penthouse condominiums at Lighthouse Cove is $695,314, nearly 2x (twice) the market per square foot value, thereby setting a new price standard in the Dewey Beach market. The Residences at Lighthouse Cove sales attributed to 40% of all condominium sales in the local market for the 2014 season to date.

The tax revenue created from the sale of the condos and subsequent revenue streams have financially benefited the Town of Dewey Beach, along with state, county and local municipalities.

Additionally, the Lighthouse Cove resort has generated 83 full-time and seasonal jobs at the Hyatt Place Hotel; nourished more than 100 full-time and seasonal jobs at the onsite Que Pasa and Lighthouse Restaurants; and created hundreds of construction jobs of all disciplines.

“We are thrilled with our progress to date, and our expansion plans are the direct result of our success and the commitments we have honored,” stated E. Thomas Harvey, DBE president.” DBE will build upon this positive economic performance as it commences the next phase of development later this autumn,” Harvey added.

DBE promised that the creation of the Hyatt brand hotel, combined with the sale of Oceanside penthouse units, would generate a positive economic contribution to the community, because its innovative product featured an array of 21st Century lifestyle amenities. The resort redevelopment project has created hundreds of construction, seasonal, and permanent jobs; and is helping Dewey Beach transition to a family-friendly 21st Century year-round resort.

Details on the next phase of construction are expected later in September