Featherstone bought by East West: Recent deals mean East West will be one of town’s largest private land owners
East West Partners has announced it is purchasing Featherstone, a golf course and fractional ownership community under construction just north of Interstate 80 near the Prosser Village exit.
East West Partners, a resort development company with projects nationwide, purchased Planned Community 2 last September. PC-2 is located between Interstate 80 and Highway 89 north and encompasses approximately 790 acres.
The Featherstone acquisition, which is adjacent to Planned Community 2, will bring the combined acreage owned by East West Partners within the Town of Truckee to roughly 1,700 acres.
The terms of the deal were not disclosed.
Town of Truckee officials estimate East West Partners will own just under 10 percent of the land within town boundaries, which establishes the development company as one of the largest private property owners in Truckee.
The amount of commercial space for PC-2 has been reduced from 175,000 square feet to approximately 25,000 square feet, said the resort developers in a prepared statement.
The commercial retrenchment will bode well with downtown merchants who opposed the additional commercial space primarily because it would fragment the town’s commercial center.
Plans for PC-2 include a golf course community consisting of 600 homes, of which 100 will be designated as affordable housing.
Featherstone will also include a golf course. A clubhouse will be shared between the two courses.
“It’s kind of a big deal,” said Tony Lashbrook, the town’s community development director. “To have experienced resort developers like East West Partners involved is a good thing. But it’s kind of scary because something is going to happen.”
And the town doesn’t know what. The developers have yet to submit a proposal for the property, but according to East West Partners, additional plan revisions for Featherstone will be submitted to the town.
Roger Lessman, spokesman for East West Partners, said the resort development will not be a gated community in the classic sense, “not behind lock and key,” but the company has not decided whether or not the two golf courses will be public.
He did say the Coyote Moon golf course will “retain some level of a public market.” East West Partners signed a 20-year lease agreement for the Coyote Moon golf course, located between Northwoods Boulevard and Hwy. 89 North, during the PC-2 acquisition deal last year.
“A gated community doesn’t fit with how we feel the town ought to be developed,” said Lashbrook, “and (East West) knows that. We expect there to be trails out there and we expect them to be open to the public.”
Lashbrook added that a resort development is prescribed for PC-2 under the town’s general plan but it doesn’t say the same thing about Featherstone, which is zoned Open Space Recreational.
Bikeways and trails are a big part of how East West Partners plan to make the resort community accessible to the public. The Featherstone property, which will soon be renamed Woodlands, is required to have 90 percent open space. Some of that open space will be accomplished with the golf course; other parts will involve less developed or natural space.
Robert Schwartz, one of the previous co-owners of Featherstone, conducted market research that overwhelmingly suggested new resort homeowners desired golf as a recreational staple.
“We think the market is quite large, and exceeds the capacity of both of these courses,” said Lessman.
So why did Featherstone originators Robert Schwartz and Ken Hoffman sell?
“It was a very good business decision on our part and it was strictly a business decision,” said Schwartz. “(East West) have been interested in it for a long time.”
Meanwhile Schwartz just signed a deal with the Hopkins family to develop a subdivision on the opposite side of Hwy. 89 North that he plans to call Pinehurst. The deal, which Schwartz said he signed 45 days ago, includes more than 200 acres.
“I have that property under contract with Hopkins and I will be submitting an application for approval next spring,” he said.
Schwartz said signing the contract with Hopkins was critical because it “had a bearing on the other sale too.”
“It was very important to tie up this piece of property,” he said.
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