The Spring Mountain development team headed by Russ Meads of Double M Construction has embarked on a vigorous schedule of compacting, rough grading and fine-grading 80 home sites at the facility. After 3 ½ years of planning, last month County commissioners approved the final subdivision map for Spring Mountain Estates, our residential development with 80 home and mixed-use parcels. The final map recorded on March 6, clearing the way for construction to begin and for members holding deposits to enter into an escrow agreement.
The Nye County Assessor’s office is currently applying parcel numbers and addresses to the home sites; after a brief waiting period for the Department of Real Estate escrows can be opened and closed within 72 hours. The Spring Mountain Estates Homeowners Association is being established and monthly fees are expected to be 75.00 which includes 24-hour security, landscaping, road maintenance and more. US Bank is offering financing on the raw land for up to 2 years, and can also handle construction loans and permanent financing. Fidelity Title will handle the preliminary title information.
Our new development will transform the look and feel of the resort, and after years of waiting for approval we are moving fast. Members holding deposits on parcels are working with architects and planning the construction of their homes. Lots will begin closing escrow in the first part of April, and we are preparing the subdivision map for the RV parcels on top of the lake. Along with our partner, Platinum Member Jeffrey Cheng, we are working on building plans for our lakeside restaurant, Sunset Grill, an upscale, casual eatery and cocktail lounge with seating for 100 people featuring lake views and an upstairs patio with panoramic vistas of the motor resort.
Meetings are being held with investment groups for Spring Mountain Commercial, our 22-acre parcel along Highway 160 in front of the facility. We are looking forward to developing this property with a hotel, restaurants, theaters and more.
Plans for the water and sewer plant are materializing and deposits are in for the large equipment with expectations to complete the project by late summer or early fall. In addition we are meeting with the Bureau of Land Management (BLM) to acquire more acreage adjacent to the facility for additional track and supporting structures.