- Chisos go big on SuperBowl deals
- It's official - Cavs go to 5A
- Credit card hack at local restaurant costs over $50,000 so far
- Coming events at Bee Cave Public Library
- Lake Travis Community Library February Events
- Travis County Unanimously Adopts Groundwater Regulations
- HEB to get update?
- LTFR launches foundation
- Olympic swimmers teach classes at Nitro - to benefit Colin's Hope
- Free lunchtime appetizer at Gumbos
- Zelda Auslander survey to precede Council bid?
- Johnnie Fields Watercolor Painting Exhibit
- Matthew Oertel Receives Eagle Scout Award
- Lake Pointe Elementary ten year anniversary slideshow
- Medical Center development out of control?
- School bus stop accident spurs changes
- Did Janitor make genuine mistake?
- Austin Energy rate increase stirs dual controversies
- LCRA sale - deal finalized Jan 19th
- Droughts and lawns - free advice...
Spanish Oaks for auction Aug 3
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Comerica Bank has foreclosed on the Spanish Oaks development partnership when the loan of $32 million remained unpaid. An original loan of $35 million on the 900+ acre property has been under renegotiation for some time. Only a tiny fraction of the 425+ planned homes have been completed and the Golf Club had been running a skeleton staff and schedule some months ago.
UPDATE: We have recently obtained the text of a Spanish Oaks HOA communication which clarifies the situation with regard to the golf club and other communal facilities:
"What amenities are currently available to home owners? Private Golf Course, Swim Lodge with 3 Swimming Pools & Bar and Grill, 5 acre Fish Camp, 13 miles of crushed granite hiking/running trails, multiple parks and playgrounds.
The Swim Lodge and Bar & Grill, Fish Camp, multiple parks and playgrounds and over 13 miles of hiking/running trails are available to all HOA members.
Do they anticipate any amenities being eliminated? None of these amenities should go away under any scenario.
All parties have agreed to a deal with Joe Aragona and a group of investors to purchase the Club portion. If the sale does not go through with Aragona's group, what happens?
It has a high probability of closing. The bank and Aragona's group have been spending substantial legal dollars to do the deal, which is a telling sign. However, if it falls out, the bank will bring in or sell the golf club to another private golf owner/operator. They acknowledge that the value of the real estate (their greatest chance to recover loan proceeds) is negatively impacted if the club is not operating. FYI- There were multiple offers from various groups for the golf club. ACC was one of them.
If the sale does go through, will there be an addition of any new amenities?
Yes, they will expand the existing golf clubhouse with a commitment to spend $3 million on this facility and reinstate kids camps, restaurant services, etc.
Will people outside of Spanish Oaks homeowners be allowed to be members of the golf club? Yes
Additionally, there is no shortage of private equity bidders that would take the whole package (RE/golf). The bank has a list of 15+ legitimate bidders. We're just in that awkward time before final resolution."
