Move Forward with Your Investment Endeavors into the World of Real Estate with a Commercial Real Estate Attorney
A poignant quote attributed to Albert Einstein is the following: “The measure of intelligence is the ability to change.” The evolution of a business or individual can take varying twists and turns. Any endeavor into a new business venture can be intimidating. This includes commercial and residential real estate. A commercial real estate attorney can be the number one resource in extinguishing intimidation and fear in your real estate ventures. Many businesses and businesses leaders want to take a step into the real estate world, and this includes nationwide brands that are successful or popular in other fields. Take for instance, the recent news of Allegiant Air’s investment.
Allegiant Air’s Venture Into Real Estate
Allegiant Air is charging ahead with a real estate venture – a resort on the Gulf Coast of Florida. This beachfront resort is scheduled to open in Port Charlotte, Florida during 2020. The resort will possess the largest private-resort swimming pool in North America. According to an article published on Bloomberg online, “The real estate offshoot, called Sunseeker Resorts, will have a 75-room hotel, along with about 720 condo units, ranging from $650,000 to $1.1 million based on size.” (Bachman, 2017). The future resort sounds impressive and exciting. Nevertheless, some are skeptical of Allegiant’s success in moving from the airline industry into the world of resorts. As the article published on Bloomberg online said:
“Not everyone is convinced this novel endeavor will succeed. Real estate is a different business, with different types of cycles, returns, and competition than Allegiant sees with air service,” noted Seth Kaplan, a managing partner at trade journal Airline Weekly. He likens the business shift to a sports team “playing an away game—they’re not playing on their home field anymore.”(Bachman, 2017).
Nevertheless the article finishes with a hopeful statement by the same Seth Kaplan. The article further states: “While it remains an open question whether the Florida condo market will prove lucrative for an ULCC, Allegiant’s record of making so much money in a financially fraught industry will prompt many industry observers and investors to “give them the benefit of the doubt,” Kaplan said. “Generally speaking, don’t bet against Allegiant.” (Bachman, 2017).
A piece from the Las Vegas Review Journal also discusses the plans for this resort by Allegiant Air. The article is peppered with subheadings and quotes throughout that aren’t the most positive. One of the subheadings titled “Risky Business” quotes Mike Boyd, aviation consultant, president, and CEO of Boyd Group International as saying, “Virgin and JetBlue are doing something different, but we’ve mostly seen failure when airlines get into the hotel business…”
“You’d think it’s a perfect match, but it’s not,” Boyd said. “It’s hard enough to run an airline without the extra stress of building a new hotel on top of it.” (Marroquin, 2017).
The ‘New Sincerity’ in the Real Estate & Business World
Far from blindingly optimistic, both articles blend a mixture of encouragement and cautious realism. Yet, no matter what the articles may say, there is something to be lauded in this ambitious endeavor, and you can bet your bottom dollar that much planning and consultation has been done prior to the purchase and announcement of Allegiant’s acquisition of the land for this resort. Although it is wise to be realistic, the age of cynicism and irony appears to be fading, and the rise of the ‘New Sincerity’ is ever present. (Fitzgerald, 2012).
The New Sincerity movement is far more than just a glimmer on the horizon. Proponents of the New Sincerity describe the cultural shift in terms of film, music, and pop culture but this movement goes far beyond artistic endeavors. As art is an imitation of life, let us take this an herald into the age of the New Sincerity – and to welcome ambitious projects such as the plans for Allegiant’s Floridian resort with authenticity and excitement rather than cynicism and irony.