07/31/2024
Hi folks, I am long overdue providing an update on the development. Saddle up, here goes…
Alas, we will not yet be breaking ground in August as targeted. We are very close to finalizing the v2 site plan approval with the City of Grand Junction, and my team and I continue working diligently on funding- traditional, non-traditional, impact, even the possibility of structuring this as a non-profit entity (the highest expression, giving back fully to our community!)… we continue exploring all options.
For more details, read on!
Vintage Caravan Restorations: Recall this was the reason for the Kickstarter campaign. ‘The girls’, as we call them, are gorgeous. 6.5 out of the 10 restorations are complete. The $28k raised kept the reno team going for an additional two months (they cost approximately $40k a piece to renovate). They await their perch on the riverfront.
Site Plan: We designed and added a 50-room MTB ‘Moto’ Lodge to the site plan… think mid-century motor lodge with a rad, mtb/outdoor spin (ride to & store your gear in your room, climbing walls outside, hammocks inside, etc).
This was added for a couple of reasons: market and investor feedback for the development to be fundable… to achieve the need for added ‘keys’ & added real estate (in relation to the number of 'glamping' units), to provide additional 4-season lodging and to complement the variety of lodging types.
City Process: In December 2023, my engineers and I resubmitted the site plan to the City of Grand Junction for v2 Conditional Site Plan approval - this took 2+ years to retool. The process take much time and is nearly complete.
Budget, Raising Capital: The scope of the development is now $20.5M, of which we have secured 1/3, leaving approximately $13M to secure through equity/debt… the primary reason for the delay is this: the high cost of capital and inflation last and this year (and Covid prior to that) present significant headwind. I’m not going to sugar coat it. Lenders and investors have temporarily “redlined” hospitality. That said there are always exceptions. I eat, sleep & breathe how to bring this development to life, and continue working to uncover the exceptions.
Timeline: While retooling the site plan and incorporating market shifts since Covid, working diligently on the City process & funding mentioned above, we await a lower cost of capital. I am working hard to uncover all options. 21 years in the making. It is more than just a project to me. The anticipation builds for everyone.
Dos Rios: the City of Grand Junction continues to activate the nearly 18 acres of green space with the bike park, trout fish playground, beach & overlook, and they are currently building the splash park. Now for some restaurants, retail, stay & play lodging... and fish tacos & margaritas!
Tequila: Meanwhile, El Jet’s Tequila is launching late this summer in liquor stores & restaurants throughout Colorado with a critically-acclaimed trio collection of Blanco | Reposado | Añejo. The latter two are aged in wh***ey barrels 6 & 12 months respectively, pulling on the char of the barrels, exhibiting warm notes of vanilla, caramel, even butterscotch. The Mezcal formula is complete and is expected to launch in the near future. I always intended for the Cantina to open first, before the tequila launch. They are separate businesses, part of the original vision since 2003!
There are numerous bullet points within each of the above components. I’m happy to talk with anyone who has questions 970-250-9682 🙏🏽
