Lake Mendota condos
designed for resort lifestyles |
boats."
A boat slip is included with each condo, which sells for between $99,900
and $269,900, plus slips for guests.
There are indoor and outdoor pools, a fitness center, dry sauna, whirlpools,
tennis courts, all of which can be used by residents and their guest 24
hours a day, and a conference or entertaining room that holds about 150
people, and a pair of small waterfalls.
A 40-foot lighthouse was built, but is does not have a beacon. "We're
so close to the airport, that would cause some problems," he said.
There is also an in-ground sprinkling system, and new roads were installed.
"Including land acquisition costs, we spent $2 million on the property
even before the condominiums were built," Peterson said.
"It was important to selling this place that people would know what
they'd be getting. This was done as a showcase project, as an example
of a top-quality resort community."
Previously, Peterson did waterfront condo projects in the Dells area
and is now planning a 10- or 11-unit Victorian-style condominium project
on Lake Geneva, where a 1929 summer home now stands.
The architecture, designed by Bob Nagel, is reminiscent of the Eastern
seaboard, with its shingled roofs, gray wooden siding and silvery brick.
Many of the units have year-round glassed-in porches facing the water,
72-gallon whirlpool tubs, double vanities, vaulted ceilings and skylights.
There's an elevator in each building, and all the units are one-story.
"People don't like stairs," Peterson said, "and they waste
space. This gives you a more open feeling." Units range between 1,400
and 3,000 square feet.
Peterson said that because Mariner's Cove is in Westport, town and Dane
County approval of his plan wasn't difficult, though "we had a lot
of soil and engineering reports to do. I'm not sure we could have done
it if it was in Madison because things take so much longer." Even
thousg the development is across from the Cherokee Marsh, it wasn't necessary
to bring in landfill, he said.
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"The architecture of the Mariner's Cove at Lighthouse Bay condominiums
resembles that of seashore communities on the East Coast.
"This was pretty much the last land on Lake Mendota that was available
for development," Peterson said. "I think that Highway M will
very soon become another Beltline around this side of the lake."
"This location is very deceiving," said Linda Peterson, (no
relation), a real estate agent employed by Michael Peterson's Blue Water
Development Co.
"People think it's out in the boondocks, but it's five minutes from
the airport and 20 minutes from the West Side of Madison."
Peterson said the average age of people who bought units at the Mariner's
Cove is about 40. "And most of them have boats," Linda Peterson
added. "The water draws people who want to be active. A lot of them
are attracted to the fact that they can have a boat without having to
maintain a dock." |
By Chris Martell
Town of Westport
The relentless rise in prices of Lake Mendota real estate - and the eye-popping
tax bills that go with them - is making owning such property impossible
for most people. Even sagging cottages on the lake command daunting prices.
Developer Michael Peterson thought condominiums were an obvious solution
to the demand for Lake Mendota property for people who either can't afford
such a house or don't want the trouble of maintaining one.
After studying successful resort properties on islands off Boston and
California, Peterson came up with a plan for a development that combined
resort life with convenient primary residences.
Peterson bought four old cottages on seven waterfront acres from the
Von Rutenberg family, owners of the Mariner's Inn and Nau-Ti-Gal restaurants.
In the protected bay of the Yahara River off Highway M, just north of
Madison, he's erecting five buildings, called Mariner's Cover at Lighthouse
Bay, an $11.3-million project that will contain 75 units when finished.
Three of the five buildings are already done and sold out.
Peterson, 35, said that although there are other lakefront condos in
Madison, they don't have the amenities of a resort that his development
does.
"We studied the Madison market very carefully and we didn't see
any competition," he said. "This has a protected waterway for |
