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WISCONSIN DELLS, WI-Bluegreen Corp., a Florida-based timeshare owner and developer, plans to expand its presence in this popular, south-central Wisconsin tourist area. To that end, the company recently purchased 7 acres adjacent to the Treasure Island Water and Theme Park Resort and acquired 24 unsold units in the property. In conjunction with the acquisitions, Bluegreen established a marketing partnership with Treasure Island LLC, the resort owner and operator, and acquired property management rights to the existing timeshare units.

On the 7-acre parcel adjacent to Treasure Island, Bluegreen plans to develop two four-story buildings with a total of 76 units. One of the buildings will contain 24 two- to three-bedroom units, while the other will house 52 units. The project, which also includes amenities and a check-in facility, will be delivered in phases between 2008 and 2009. In addition, Bluegreen plans to begin renovating the 24 existing units during the fourth quarter. Plans call for converting all of the timeshares to full two-bedroom units, the addition of a second bath, new kitchens and finish upgrades. Company officials say those units should be ready for occupancy by the third quarter of 2007.

Developing vacation ownership units from and in conjunction with existing properties and attractions is a fairly familiar formula for Bluegreen, according to a company spokeswoman. The company's strategy varies with the market and the particular property, she says, adding that location is often the driving factor. In another ongoing project, the company acquired four existing buildings on about 23 acres of land less than a block away from Colonial Williamsburg. There Bluegreen is developing Patrick Henry Square, which will include a mix of 400 timeshare units in new campus-style buildings, 76 timeshare units in a renovated hotel as well as a renovated 158-room hotel.