Monday, July 02, 2007

Finally, Some Good News for Boot Ranch

boot ranch fredericksburgHal Sutton's luxury residential and golf development called Boot Ranch has been been plagued with problems throughout its history. A major investor - the Louisiana police union's pension fund - has threatened to pull out; and some reports had the project on the verge of bankruptcy. Despite all that, the golf course itself has been open since last fall, and a few homes are under construction.

But now Sutton's financial concerns appear to have been met, and he sounds confident, in this article in the San Antonio Express-News, that things will be much smoother going forward.

Sutton said Legacy Properties, a Las Vegas development company, will bring construction expertise and Lehman Brothers capital to Boot Ranch. The project has been dogged by slow sales of home sites, controversy over its financing and concerns about its water supplies. ...

Sutton said he closed several lot sales on the heels of the deal made final June 22 — raising the number of home sites under contract to about 30. The first two homes being built there are about half completed. Work on the clubhouse village will soon resume, he said.

Lots by the scenic course are advertised from $300,000 for 2.5 acres to $1.7 million for 12.6 acres.

"With these new partners, we're going to add some new family amenities that we didn't have factored in on the original project," said Sutton, 49.
Lots by the scenic course are advertised from $300,000 for 2.5 acres to $1.7 million for 12.6 acres. Prices include a $175,000 fee to join the golf club, which has about 50 members so far.

While things are looking up for Sutton and Boot Ranch, there are still plenty of issues and potential pitfalls. The Louisiana police fund is dealing with a lawsuit by its own members who want the fund to divest from Boot Ranch. And there are still plenty of water concerns in this drought-plagued area, with a contested case hearing coming up on Boot Ranch's request for additional water pumping rights.

(Photo by Bob Owen/San Antonio Express-News)

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