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Trendwest Planning Port Ludlow Condos

PORT LUDLOW, WA-Trendwest Resorts, the timeshare subsidiary of Cendant Corp. has tied up a 15-acre former log dump here on which it plans to develop 120 condominiums.

By Brian K. Miller | Updated on February 15, 2005

PORT LUDLOW, WA-Trendwest Resorts, the Redmond, WA-based timeshare subsidiary of Cendant Corp. has tied up a 15-acre former log dump at Port Ludlow for a 120-unit condominium development. The seller is Port Ludlow Associates.The timber company Pope & Talbot acquired Port Ludlow in the mid 1850s. In 1985, the assets were transferred to the successor entity Pope Resources. PLA was formed in 2001 to acquire the assets from Pope Resources, which includes some 1,000 acres that will be developed with single-family homes and townhouses. PLA chief executive Greg McCarry tells GlobeSt.com that the land could hold 240 units and PLA was seeking approvals from Jefferson County to max out the property when Trendwest came along and said they only wanted 120 units. “We modified out application to suit their needs,” says McCarry. The development site is located across Paradise Bay Road from the village market. The sale is contingent upon Trendwest receiving all the necessary permits to develop the property. The necessary approvals are expected in June, says McCarry, and the sale is expected to close no later than August.In explaining the sale, McCarry says the company owns several other assets in Port Ludlow, including a 37-room inn, the Port Ludlow golf course, a 300-slip marina and village center commercial area. In addition, the company plans to use proceeds from the sale to Trendwest to expand the marina and develop a new pub house. “Trendwest resorts have an average occupancy of 80% and their demographic spends $204 per day,” says McCarry. “So when it’s up an operating, there will be 100 guests there spending $20,000 day, presumably to the benefit of our businesses.”

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