$150 million luxury condo/hotel project underway in Cape Coral BY EVAN WILLIAMS Florida Weekly Correspondent

Bob Hensley, CEO of Grosse Point Development, and Erzsi Gemzsi, head cook and kitchen manager of Tarpon Point's Silver Kings Tropical Bar and Eatery, at the ground breaking for Tarpon Point Marina's Marina Village in Cape Coral last week.

On a rainy, windy day, the developers, construction staff, and Grosse Point Development's financial partners from the Netherlands, listened to Cape Coral Mayor Eric Feichthaler, and others, offer their congratulations under a small tent. Then, they pitched shovels full of dirt into the parking lot to signify that things are underway.

Bob Hensley, CEO of Grosse Point Development, said the project will include a 184-room building that will be used partly as a condominium, and partly as a hotel. It's a relatively new concept, at least to the Fort Myers area, where each unit is a condominium owned by someone who lives there full or part time. When owners are not using the units, the hotel company can rent them to outside guests and split the rental income with owners.

COURTESY PHOTO An artist's rendering of the 19-story condo hotel that will anchor MarinaVillage at Tarpon Point Marina in Cape Coral's Southwest along the Caloosahatchee River.

The project will also feature a waterfront retail center, two waterfront restaurants, a day spa and fitness center, and a pool centered around the marina, which will be built with 175 slips for boats up to 75 feet long.

"Developments like this, when you drive in, it's a whole different world," Feichthaler said. "To have a luxury condo is something the city is lacking, and to provide this for the city is something I welcome."

At shortly after 11 a.m. the ceremonial dirt was flung by the shovelful towards the waiting media's cameras.

"We actually broke ground, really, about a month ago," Hensley said, as construction cranes towered into the sky behind him.

He also spoke of the shaky real estate market, it's "business cycles," and how, in the 28 months estimated to finish MarinaVillage, the market will turn around.

"We hope our timing's right," he said.

In January 2006, Hensley said his company did a test run to see how sales on the project would go, and he sold out 75 percent of the 184 units, although some buyers ended up backing out. And he won't start selling to the general public until mid-January or early February of 2008. At that time, buyers will also have the option of "fractional ownership," he said, so they can get a deed for a condo unit without purchasing it entirely.

Alwin Bleker, manager of risk management for Gross Pointe Developments financial partners in the Netherlands, said he's confident that the rewards for this business venture will outweigh the risks.

"We feel that Bob Hensley is a great entrepreneur," he said. "He has a vision and he has realized a successful, unique project. We trust him, so it's more than just financing, it's a partnership."