Laptop Battery Coming soon, to a late Moroccan king's mansion near you: the Virgin Spa. They haven't built it yet, but Somerset County freeholders, who will likely seal the deal today to transform the Natirar mansion into an exclusive luxury resort, are hopeful the well-to-do from around the world will come, and come again.
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Thinkpad Attracting the monied set will allow the county to recoup the entire $22 million, plus interest, it spent to purchase the 491-acre estate that once belonged to King Hassan II of Morocco, gain a new revenue source and preserve 411 acres of open space -- all without costing the taxpayers a dime, county officials said.
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Microsoft That is, of course, if all goes according to plan in the 99-year lease, details of which were released to the public for the first time last Thursday afternoon . As large parts of the country were plunged into darkness, the freeholders meeting was held without incident.
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Laptop Computers "This is a long-standing dream we never thought would come to fruition," county Administrator Richard Williams said.
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Laptop Computer Though the vote tonight appears to be a formality, the plan still must pass muster with the Peapack-Gladstone planning board, where it could take months before it meets approval, according to Mayor Vince Girardy.
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Desktop Computer Girardy said the quiet Somerset enclave has had no experience in dealing with a project of this scope.
Notebooks "This is a massive project and we're just a little town," Girardy said.
Lenovo That little town, which has jurisdiction over 327 acres including the mansion, will likely get quadruple the $79,000 in property taxes it currently receives once Natirar has been renovated and reassessed, Girardy said.
Hard Drive Peapack-Gladstone planning board chairman Anthony Soriano, who was on hand Thursday, expressed some concerns the proposal would encounter some obstacles.
Travelstar "The zoning is not necessarily consistent with what they are proposing," Soriano said.
Gateway Barring any long-term hiccups with Peapack-Gladstone, the lease would take effect early in 2006, when the Virgin Spa is expected to be up and running. The spa will pay the county nearly $26 million in the first 30 years, according to projections.
Laptop Parts To meet these projections, however, the spa would have to make more than $8.5 million in revenue annually, so the county can receive more than the minimum monthly payments. This would be after the investors, headed by British tycoon Richard Branson and Warren Township businessman Robert Wojtowicz, first sink $35 million to $40 million into the restoration and renovation of the 40-room Tudor mansion and surrounding 80 acres, according to Somerset County Director of Finance Brian Newman.
Software Mud wraps and pedicures alone won't generate those numbers, but this spa will cater to an elite clientele, county officials said. Accommodations will be similar to other Branson resorts, where guests pay upward of $14,000 per night to be pampered with the best money can buy.
Hard Drives And to bring them in would take some time, so the deal is structured so that the Virgin Spa will still be able to meet its payments while business picks up during the first few years, Newman said.
Electronics "As the payments go up, we work with them to help pay the bills," Newman said.
Canon If the spa goes bust, county officials are optimistic they will find another use for the grounds, and any improvements made will only add to the estate's value.
Desktop Pc Once the lease deal is complete, county officials will concentrate their efforts on formulating specific uses for the remaining 411 acres, which might include everything from the old grist mill being converted into a museum to turning some green acres into a spot for concerts and other outdoor events.
Desktop Computers "We intend to have these grounds fully open to the public" freeholder Denise Coyle said.
Think Pad By Peter N. Spencer
Star-Ledger - 8/19/2003
Topic: Highlands
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