Paul Mihailides is the chairman of the Preserve Sporting Club & Residences, a 3,500-acre, Richmond-based lifestyle property that includes residential neighborhoods, as well as recreational activities and amenities.
Mihailides spoke to the Providence Business News about the progress of the development and recent development activity. Much of the residential development on the five-phased site is expected to be finished in June.
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PBN: What is the Preserve Sporting Club?
MIHAILIDES: The Preserve is the most amenity-rich, four-season community in the country. It happens to be in Richmond. There is approximately 3,600 acres of open space that the Preserve encompasses.
PBN: What kinds of houses are available for sale? Are there single-family homes in addition to condominiums?
MIHAILIDES: The single-family homes are [called] “house-o-miniums.” That’s something I brought into Rhode Island in the late 1980s, early 1990s. I was the first developer of “house-o-miniums.” They are actually single-family homes on common land. We have four types of property here at the Preserve. We have single-family homes. We have townhomes. We have our Hilltop Lodge, which are flats. It’s a four-story building with flats, ranging from about 800 square feet to 5,500 square feet. Prices from $800,000 to $5.9 million. We haven’t put them on the market yet. We have six under reservation deposit for members. The last type of home we have are tiny homes. The homes that are available are nine single-family homes, coming on the market this spring. There are 11 townhomes available as well.
PBN: How have the sales been going so far? You reported two significant sales last week.
MIHAILIDES: We will have more than $15 million on the books this quarter. During the pandemic, we continued to build in a down market, not knowing what was going to happen. But people are looking for a place that has safety and security. We’re much more than a gated community, but we are gated, we have a club house and golf course and tennis and the longest underground range in America, an equestrian center. We’re much more than a gated community, we’re a shooting centric club. Everything revolves around sporting clays and the range.
PBN: Do people have to buy the club membership separately from the homes or are they entered into the club on buying a property? And what does the membership cost?
MIHAILIDES: You have to be an approved member to buy a home. The club membership is currently at $375,000. We have over 700 members. The tiny homes are about $600,000, with the membership. We also have other memberships, such as the spa and dining membership, which is $1,000. And we also have a sporting clays membership, which is a $15,000 initiation fee. It allows you to use the pool, the tennis, the dining and the spa, the range and the sporting clays.
PBN: Your absorption is on target?
MIHAILIDES: We’re exceeding my every expectation.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.
