Phase (1) 300 Acre Miracle Mile
Mall Complex
Del Spina Enterprises, LLC, is the
owner of this 428-acre parcel.
Their division has recently completed the final phase of the $50,000,000 prestigious
gated community.
Available Space 1,000,000 Sq. Ft.
Shops - Restaurant - Lodging
Outside 25-ac. Amphitheater
Observation Tower
Zip Lines
Chair Lift
Petting Zoo
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Click Above Picture for
a PDF View
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Horse Trails, Nature Tours
Thru National Forest
Tour 6,000 Acres of National Forest.
White Water Canoeing
Horse Stables
Nature Trails
Bike Trails
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Located 19 miles from Hwy. 27 in Somerset,
Kentucky and 13 miles to Hwy I-75 entrance/exit at London, KY.
Additional 125-Acres Construction-Ready Property 2,000 Ft. Frontage on Each Side of KY Hwy 80
Located on KY. Hwy. 80 & Proposed Interstate 66 Interchange
13 mi. from I-75 & 1 Hr. to Lexington & 2 Hrs. to Knoxville
FOR
EVERY DESTINATION - A HIGHWAY TO GET YOU THERE
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| Ariel View of Property |
30 mi. Somerset, KY
London KY
Corridor |
Highway Location
to Property |
Miracle Mile Mall
Conceptual
Drawing |
Survey Dimensions of
424 Acre
Tract |
Divided into two large tracts, Commercial real estate, Commercial
Property Kentucky for sale, 300 acres on the north side of KY Hwy. 80
and 125 acres on the south side of KY. Hwy. 80. Each side contains 2,000
feet of Hwy 80 frontage. Located 19 miles from Hwy. 27 in Somerset,
Kentucky. and 13 miles to Hwy I-75 entrance/exit at London, KY. The site
has road entrance at both ends of the tract and its central location
between Lexington and Knoxville is ideal for a regional Shopping Mall- Distribution Center –Transportation Terminal or Industrial Plant.
The population within a 60-mile radius is over 600,000. This location is
accessible to every major Kentucky highway and will bisect with the
proposed Federal extension of I-66 Highway.
This 428 acre tract is divided into two
parcels; Phase One, 300 acres on north side of Hwy. 80. Phase two, 125
acres on south side, (Intended for future expansion). Each tract
contains 2,000 Lin. Ft. of Highway 80 frontage. Both parcels are
centrally located, 19 miles from the heart of Somerset and 13 miles to
London's I-75 interchange, each a key community in Pulaski and Laurel
Counties.
MIRACLE MILE MALL 300-ACRE COMPLEX (Phase One)
Miracle Mile Complex will
contain one mile of roadways circling though 1,000,000 sq. ft.
commercial-retail buildings. The balance of 200-acres behind the center
will house a multitude of amenities planned to entice the public to
visit what is intended to provide an altogether different shopping
experience. Our onsite Horse Stables will offer horseback trail through
the adjacent 3,000 acres of the Daniel Boone National Forest while
visiting the Historical Whitaker Home and Cemetery. Nature Trails,
White-Water Canoeing on the famous Rockcastle Wild River Streams, Zip
Lines, and Chair Lifts throughout our Complex offer breathtaking views
from our Observatory Tower. Educational guided tours of attractions
within the National Forest will be incorporated in our master plan.
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The Lake Cumberland region is visited by 4.75
million tourists annually and considered the 4th largest location
for visitor hours. These guests provide more than $152.4 million to
the local economy.
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The magnitude of this Complex could generate
2000-3000 regional jobs within the 600,000 local populations living
within an hour's drive.
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The two largest communities in Pulaski and Laurel
Counties are Somerset & London, with a population density of
85,000, is a 15-minute drive.
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The Mall provides easy egress - regress from Hwy 80
on either end of the property.
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Both Lexington and Knoxville are easily reached via
I-75, located minutes away.
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The complex location is accessible from Interstate
Highways I-64 - I-65 and Federal Extension I-66, Cumberland Parkway.
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Without this central location, a regional complex of
this magnitude could never attract major retailers such as Home
Depot, Target, Sam or Costco, Cabela - Pro Bass Shop or most
national restaurant and retail chains.
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It is not expected for Retailers to make firm
commitments until the completion of our infrastructure but our
complex could stir considerable interest on a "Wait and
See" completion date to confirm their actual interest.
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It is our contention, if the completion of Federal
Extension I-66 occurs, a dramatic increase in traffic will
substantially add to the success of the complex.
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Over 12-million tourist visit Gatlinburg and Pigeon
Forge annually. A large portion of these vacationers travel on
Interstate I-75 and pass within 12 miles of our Complex. Our welcome
change attractions could create stopover visits. |
President Bush and Obama, as
well as local Congressman Hal Roger have announced I-66 should have a
necessary priority to the completion of I-66. The magnitude and expected
success of Miracle Mile will help support the need for its completion.
Our Conceptual Drawing places
strong emphases on the need for additional regional activities that
would attract its use by the current 4.75 million lake visitors.
Travelers and merchants from surrounding states demand new upscale
attractions and amenities to keep pace with surrounding competition.
Vacationers come to Lake Cumberland for a memorable experience; without
projects like the Miracle Mall, Kentucky could loose it edge to
surrounding states.
Our outdoor 25-acre
Amphitheatre area will offer special entertainment events throughout the
four seasons. Heavy emphases on Christmas, New Years, Easter,
Thanksgiving, and July 4th will surely overbook our onsite hotel/motel
accommodations.
During the infrastructure
phase, staff members will be researching surrounding locations between
the London - Somerset region that could provide (Gatlinburg) style
activities and expand the list of entertainment to gain a large portion
of the 4.75-million annual lake visitors and local residents.
FUNDING MIRACLE MILE MALL COMPLEX
The General Partner will escrow
clear title to the 300-acre tract of the Miracle Mile Mall Complex for a
50% equity participation to the investment (Value, $16,667 per acre).
The remaining 50% ownership, (50-Investor at $100,000 per Unit) will
fund the capital improvements. (Units are payable in 3-equal annual
installment of $33,333)
Deeds and investors'
contributions will be escrowed with an independent CPA accounting firm
who will release construction payments upon verification of performance.
Investor return on investment will be determined solely from sale of
100-acre fully improved commercial lots.
Funding cost of the 200-acre recreational
activities has been included in the estimated cost of the overall
development. These amenities have been earmarked for the sole purpose of
generating public attractions to visit the complex.
INVESTOR BOOK VALUE VERSES ESTIMATED MARKET VALUE
Total Investor Cost
(Book Value) is determined by adding land cost $5,000,000 plus (capital
improvements $5,000,000) Total anticipated cost: $10,000,000.
Estimated Comparable Commercial Sales Recorded
In Local County Court Records:
| Somerset, KY Parcel Number |
Business |
Purchased |
Total Cost |
Building |
Land Cost |
Acreage |
Per Acre |
| 062-1-0-70.6 |
Texas Roadhouse |
3/27/2015 |
$1,942,000 |
$790,000 |
$1,152,000 |
3.06 acres |
$376,470 |
| 062-1-0-70.3 |
Steak and Shake |
11/6/2013 |
$1,500,000 |
$650,000 |
$850,000 |
1.08 acres |
$787,037 |
| 062-1-0-70.7 |
KY Blood Center |
7/5/1905 |
$1,585,000 |
$785,000 |
$800,000 |
1.91 acres |
$418,848 |
| 061-3-0-90.3 |
Cracker Barrel |
12/22/2004 |
$1,500,000 |
$0 |
$1,500,000 |
2.26 acres |
$663,716 |
| 061-3-0-91 |
Zaxby's |
5/15/2014 |
$1,350,000 |
$0 |
$1,350,000 |
1.69 acres |
$798,816 |
| 062-1-0-50 |
Krystal's |
11/28/1994 |
$350,000 |
$0 |
$350,000 |
1.03 acres |
$339,805 |
| 061-5-2-13.2 |
Walgreen's |
3/4/2004 |
$3,568,549 |
$1,378,768 |
$2,189,781 |
1.37 acres |
$1,598,380 |
| 061-3-0-84 |
Sonic |
11/29/2012 |
$675,000 |
$375,000 |
$300,000 |
0 acres |
$300,000 |
| 061-6-1-36 |
Golden Corral |
7/18/2013 |
$2,550,000 |
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$2,550,000 |
0 acres |
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| 062-2-1-43 |
Bob Evan's |
N/A |
$1,500,000 |
$500,000 |
$1,000,000 |
1.43 acres |
$714,000 |
| 061-6-1-35 |
Office Depot & Burke's Outlet |
5/20/2006 |
$5,500,000 |
$1,400,000 |
$4,100,000 |
6.3958 acres |
$641,045 |
| 061-3-0-90.5 |
Ruby Tuesday's |
N/A |
$1,200,000 |
$730,000 |
$490,000 |
1.29 acres |
$379,844 |
| 061-5-2-12.2 |
Sonny's BBQ |
2/20/2007 |
$1,150,000 |
$500,000 |
$650,000 |
2.91 acres |
$223,367 |
| 062-1-0-49 |
Kroger, Hobby
Lobby, TJ Max, Dunham's |
8/18/2004 |
$5,518,000 |
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$5,518,000 |
28 acres |
$197,071 |
| 062-1-0-70.4 |
L&N Fed
Credit |
2/19/2009 |
$1,270,000 |
$520,000 |
$750,000 |
1 acre |
$750,000 |
| 062-1-0-70.5 |
Sleep
Outfitters |
1/21/2011 |
$1,000,000 |
$350,000 |
$650,000 |
.56 acre |
$1,300,000 |
| London, KY
Parcel Number |
Business |
Purchased |
Total Cost |
Building |
Land Cost |
Acreage |
Per Acre |
| 049-70-00-008.01 |
Cheddar's |
9/1/2012 |
$1,500,000 |
$0 |
$1,500,000 |
3 acres |
$500,000 |
| 049-70-00-004.00 |
Shiloh's |
9/1/1995 |
$400,000 |
$0 |
$400,000 |
1.04 acres |
$400,000 |
| 049-00-00-018.00 |
Taco Bell |
1/1/2001 |
$320,000 |
$0 |
$320,000 |
.63 acre |
$640,000 |
| 122-60-00-014.00 |
Pilot Travel Center |
8/1/2005 |
$1,000,000 |
$600,000 |
$400,000 |
5.045 acres |
$80,000 |
| 049-00-00-022.00 |
Cracker Barrel |
5/14/2010 |
$800,000 |
$0 |
$800,000 |
2.59 acres |
$308,880 |
| 049-70-00-006.00 |
London Tourism |
5/1/1985 |
$1,111,000 |
$425,000 |
$686,000 |
1.85 acres |
$370,810 |
| 049-00-00-020.00 |
Community Trust |
10/20/2003 |
$553,800 |
$0 |
$553,800 |
.923 acres |
$600,000 |
| 049-00-00-021.00 |
Long John Silver's |
3/2/2004 |
$425,000 |
$0 |
$425,000 |
.74 acres |
$574,324 |
| 050-20-00-013.01 |
Economy Lodge |
3/2/2007 |
$2,200,000 |
$1,800,000 |
$400,000 |
1.77 acres |
$225,988 |
| 050-20-00-012.00 |
Army's |
2/24/2015 |
$900,000 |
$420,000 |
$600,000 |
0.8 acres |
$750,000 |
| London-Corbin |
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| 062-50-00-030.01 |
Starbucks |
2/28/2007 |
$760,000 |
$200,000 |
$560,000 |
.61 acres |
$918,032 |
| 062-50-00-030.02 |
Steak and Shake |
12/6/2007 |
$620,700 |
$0 |
$620,700 |
1.04 acres |
$596,826 |
INVESTMENT OBJECTIVES OF THIS OFFERING
The objectives of
the Miracle Mile Mall is to design and construct the 300-acre parcel
into a major regional complex to continue to attract the 4.75 million
visitors that annually visit and play on Lake Cumberland, as well as,
potential tourists into coming to the area. The (1) mile roadway of
retail shops will offer attractions for both adults and children to
shop, play and dine within the 1,000,000 Sq. Ft. retail establishments.
The structuring of a 3-year pay-in
program is intended to coincide with the time span to complete
utilities, theme park, and create national marketing to attract sales.
Investors may sell their unit in an
open market after first contribution is made. If payment is in default
30-days, the Unit ownership is dissolved, and the remaining vested
interest holders will increase based upon the number of Units in good
standing.
The General Partner will establish
market price of acreage based on prior regional sales and appraisals.
The Partnership is not permitted to mortgage any portion of the property
without 75% investor's approval. Only in special situations where debt
would be considered betterment to the Investors would finance by
considered.
PROJECTED ANNUAL EXPENSES
Operational Costs will be funded with the use of capital
reserves allocated from the initial funding. Examples of expenses
anticipated:
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Liability Insurance Coverage
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Corporate, Federal, State, and County Real Estate
Taxes
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Utilities, Surveillance Expenses
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Legal and Accounting expenses necessary in the
function of its operation.
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Staff Expenses required to operate company progress. |
HISTORY OF THE TRANSCONTINENTAL INTERSTATE I-66
The Interstate I-66
east-west Trans America Freeway was an idea dating back to 1990, as a
means to bring more business to many states since Interstate 40 and
Interstate 70 corridors were extremely successful. (A congressional act
funded a million dollar feasibility study to begin this project.)
Completing I-66 would create a new, coast-to-coast route for travelers.
The World famous
Mother Road Highway Route 1-66 presently travels through 8 states, from
California, Arizona, New Mexico, Texas, Oklahoma, Kansas, Missouri and
Illinois. The completion of I-66 has been a number one priority of
President George Bush to President Barack Obama and Congressman Hal
Rogers has been successful obtaining funding to complete a portion of
I-66 from Somerset Hwy 27 to Cumberland Parkway that now is identified
as Interstate-66.
The Kentucky
Department of Transportation has completed their 30-mile Draft Economic
Impact Statement that was used in the determination of the best I-66
route over the Rockcastle River Bridge, between London and Somerset.
This route does not disturb either side of our parcel. (The 500-page
Report that can be downloaded on our website.)
Is I-66 Required For The Success Of Miracle Mile
Complex?
A delay in
completion of I-66 should not affect the 4.75-million tourists who
historically visit the Lake Cumberland Region; nor will it deter local
residents from traveling on Highway 80 to gain access to our Complex.
The Completion of
I-66 would unquestionably have a positive affect by increasing the
amount of traffic to our Complex. If the state provides the service road
off the I-66 exit (as suggested) traffic in and out of the Complex would
be controllable and orderly.
The success of
Miracle Mall will further benefit Kentucky with an increase in tourist
that will in turn increase additional state and county tax revenue.
Plans For Phase Two 125-Acre Tract Adjacent To
Complex?
Depending upon the
demand for additional expansion, Miracle Mile Investors would be offered
a first Right of Refusal to participate in an additional venture on this
tract. This parcel can accommodate the needs of other major anchor
tenants, trucking depot, or distribution center.
(c)
Copyright 2002 Interstate 66-80
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