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June 29, 2012     Cape Gazette
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June 29, 2012

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4o FRIDAY JUNE 29- MONDAY JULY 2 2012 BUSINESS & REAL ESTATE cape: Gazette Vineyards Continued from page 37 ever been occupied. The major- ity of the residential units above the retail space, said Schell, were sold, and the remainder have been rented. New Jersey group buys in Schell said the project and its assets are now owned by Fern- moor Holdings of Jackson, New Jersey. Terms of the settlement between the banks, Ocean At- lantic and Fernmoor have not been disclosed. Fernmoor Presi- dent Jeffrey Fernbach said he bought the project through a complicated note sale involving the former Wilmington Trust and M&T Bank. "The sale also involved negotiations with Mr. Schell and Mr. Raley," said Fernbach. "Right now we're in a fact-finding mode, analyzing our future plans. We're going to start with finishing the second building as well as the retail space available in the first building. It's really very good space with tall ceilings and all state of the art. We're trying to expedite that work so we can have that all completed as soon as possible. Then we'll see where to go from there. It's a great project and we're excited to be involved with it." Fernbach said he plans to repave Nassau Commons Boul- yard - which is part of the proj- ect - sometime within the next nine months. Nassau Commons Boulevard is a private road that runs between Route 1 and Route 9 and which is widely used by emergency equipment of Lewes Fire Department and many oth- ers making their way back and forth between the two major highways. According to information gleaned from the internet, Fern- bach is also president of Para- mount Homes, which builds home in the Jersey shore area. According to the Paramount Homes website, Fernbach earned Builder of the Year hon- ors for 2003 from the New Jer- sey Shore Builders Association in recognition of his outstand- ing achievement in the building industry and his commitment" to the betterment of the com- munity. Raley retains architectural con- trol Bob Raley said he still owns the land, and Fernbach owns the project and the land lease contract under which Ocean Atlantic was working. Raley said he retains architectural control over anything built on the land. He also said that his understanding is that Fernbach plans to complete construction on the second building and rent residential units in it. "When they rent them out, that's when [ get paid," said Raley. "They're supposed to start anytime now. Finish th s one and then start another. I don't know how it will all turn out." Schell said Schell Brothers construction company has been retained by Fernbach to resume construction on the project. "The year-round market for residential rental units is on fire right now. There's lots of de- pen." Schell said he understands the plan is to try to adhere as much as possible to the original concept. "But they're much more sensitive to what the mar- ket will bear than we were." Schell said he has been watch- ing stories recently about a re- gional planning initiative in the mand, so I think that's the di- Delaware Cape Region. "One of rection that will be taken for a the discussions has been about while. The plan is to keep test- ing the market for residential condos - reacting to the market for the time being. There will be less retail in the develop- ment in the near term." Schell also said attempts will be made to get retail tenants into the available commercial space. "There wilt be very competitive pricing to try to make that hap- the emergence of a new town in the Five Points area. Our Vine- yards project would be right at the epicenter of what they're talking about. If our concept had ever taken hold, we would have had the kind of high-density ur- ban community they're talking about - with the same kind of density" as downtown Lewes and Rehoboth Beach." Invest in energy savings! 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