Del Spina Enterprises LLC
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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


Click Above Picture for a PDF View


Horse Trails, Nature Tours
 Thru National Forest
Tour 6,000 Acres of National Forest.
White Water Canoeing
Horse Stables
Nature Trails
Bike Trails

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

Commercial Real Estate, I-66, Real Estate for Sale, Commercial Real Estate Kentucky locationsmall.jpg (17857 bytes) Conceptual drawing
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   $2,550,000  0 acres   
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   $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              
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

 03/02/2017 01:57 PM

 

 

 

 

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