Crescent Park Units Nearing Completion

If owning a vacation home in Eureka Springs has always sounded appealing, developers at Crescent Park, located on the grounds of the historic 1886 Crescent Hotel and Spa, will have four cottage units available early in 2008.

The 1,060-SF units will sell for between $334,000 and $379,000.

“We’ve started the pre-marketing and have had a lot of interest,” said Jack Moyer, vice president of operations and development for Crescent Park. The condos are not being sold until the first ones are complete.

The core concept of the development is that of a condo-hotel, which the unit owners can stay at as a vacation home and rent out when they’re not there, Moyer said.

“It’s a great concept, and the strength is that the owner’s home is really a part of the Crescent Hotel,” he said.

Also appealing is that the Crescent staff will maintain the units and handle booking them when the owners are away. Revenue sharing is negotiable, but it will usually be split between the owners of the unit and the hotel.

 Units can be reserved up to 18 months ahead of time. However, if a unit has already been reserved, but the owner decides he or she wants to stay in Eureka Springs, there is a contingency to allow them to stay in another unit at Crescent Park.

Moving forward, the developers will build another four units for every two that are sold, a slightly less aggressive timeline than originally planned.