Lakefront Opportunity Zone Investment in Popular Vacation Area
Property Details
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Property Description
SVN | Northco is pleased to present for sale the Waters of Vermilion Lake Home and Resort Development ("Property"). The Property consists of 38 development lots that can be combined and community common elements on popular Lake Vermilion in northeastern Minnesota. This sustainable/green lake home community provides maintenance-free living, allowing you to enjoy your time in the Minnesota Northwoods without the maintenance concerns associated with ownership.
Highlights
- Currently, either individual lot(s) or the entire development are available for sale
- There are several development scenarios that a new owner could pursue: smaller, eco-friendly homes that fit into the existing plan and/or tiny homes (a conservation development), and larger "second" homes.
- Located in an Opportunity Zone on 34 acres with 720 feet of shoreline
- Located next to Fortune Bay Casino and the Wilderness of Fortune Bay Golf Course which is one of the top rated golf courses in the State of Minnesota, 25 miles from Giants Ridge Golf & Ski Areas, and three and a half hours north of the Twin Cities
- Over $3.3M of improvements have been invested in the Property and infrastructure is in-place: roads, utilities, water and sewer have been installed
- Numerous community amenities and common elements including a bike and boat club, The Waters Club, trails, two inland ponds, a private beach, trails, bicycles, kayaks, paddle boats, a putting green, guest cabin, and more
- The Property is permitted for 24+ boat docks
Map
Location Description
The Property is located on Pike Bay on Lake Vermillion in the heart of Minnesota's Arrowhead Region; a mere 25 miles north of Virginia, MN, 95 miles north of Duluth, and just 200 miles north of the Twin Cities Metropolitan Area. Pike Bay is the southernmost bay of Lake Vermilion, and thus is the closest area of the lake to the Twin Cities.
Lake Vermilion is Minnesota's fifth largest lake with over 40,000 acres of water, 365 islands, and over 1,200 miles of pristine shoreline. It was voted by National Geographic as one of the most scenic lakes in the United States, and it is located between the Superior National Forest and Voyageurs National Park, and is the gateway to the Boundary Waters Canoe Area.
The Twin Cities of Minneapolis-Saint Paul make up the 16th largest MSA in the United States with a population of approximately 3,600,000 inhabitants.
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