Community Marketing & Real Estate Update

What’s Next for our Welcome & Sales Center?

We are pleased to announce that our Welcome & Sales Center is slated to be renovated beginning in May!

In service since about the time the original Marshwood Clubhouse was built, our office is located just behind what was then the Main Gate. Logically, and as with many of our competitor communities, welcome & sales centers normally are best located just outside the main gate on the right for maximum visibility and ease of access.

Beginning in 2014, we studied 11 possible options to relocate accordingly. We evaluated every available and unavailable piece of land or lease opportunity from our side of the bridge to the Main Gate, within The Village, south on Green Island Road to The Landings Club office, and north along McWhorter Drive back to the North Gate. In the end, all options proved unavailable, too expensive, or had other barriers for our use.

We then had an engineering study performed on our existing building and were pleased to learn that the “bones” of the building were in pretty good shape. We then hired an architect to look at our options and ways in which we could freshen or update both the exterior and interior. Our goal is to make the absolute best first impression we can on our Discovery Visitors and others in a manner in keeping with what they expect and what we should expect of ourselves.

We then asked three contractors to bid the work and received quotes averaging $2.7m. After recovering from our shock, we then pared down the scope of work and received a more palatable number of approximately $1.5m. This includes replacing all the original and leaking windows, a slight update to the exterior by adding a more “Low Country” feeling and more welcoming front porch, and a substantial upgrade of all interior areas that our clients spend time in or view. We received approval from our Board and then TLA, as our shareholder, last month.

Funding will be structured as roughly 20% down, or roughly $300k, out of the Company’s cash reserves and an 80% loan paid from Company revenues. This will be the first debt the Company has had in years but necessary given the condition of its lone asset.

As you are no doubt aware, supply chain issues are impacting the speed and timing of such projects, so we won’t be able to begin until the new windows arrive, which are expected by June 1.

We believe that not only will we make a much better first impression on our visitors but that we will be more in line with what they experience when visiting our competitive communities. Also, how can we expect our new homeowners to renovate the homes they purchase, 85% of which are more than 25 years old, if we don’t keep our own Sales Center up to date and in keeping with the updates both TLA and the Club have made?

We hope all of you will share our pride in what will certainly be a big improvement for the community and our first impression on those interested in making The Landings their home! We will keep you updated as we progress through the project.

As previously reported, we have at least 150 more buyers that are ready and qualified to buy. For those 150 reasons and more, we stand ready to list your home and get you the absolute best result!

For a limited time and for new listings, you can list your home with The Landings Company for a total commission of 4%! The Landings Company is 100% self-funded from the sales commission revenue we generate. We can only continue to broadly market The Landings, which benefits all of our property values, with your support when selling your home, referring friends and family, or renting your home. Thank you in advance for your support!

Your Company, The Landings Company!