Minds Behind the Water

by

Homes+Renovations

Dublin duo are key part of lake’s Snug Harbor development

A couple decades ago, you likely wouldn’t have guessed that a police officer and a periodontist would play substantial roles in the further development of Buckeye Lake.

But today, Pete Coratola and Dr. Ron Garvey are two of the major players in Snug Harbor, a resort-style waterfront development under way in Buckeye Lake, through their investors’ group, Bridge Street Firehouse Investments LLC and Shore Line Development Group Ltd.

Through ownership, management and development, Coratola has been involved with over $500 million in real estate projects over the years, a huge number of them in central Ohio. The most recognizable is likely the Hilton Columbus/Polaris hotel, which opened in 2008.

Several other investors had faced difficulty bringing a major hotel into the Polaris area, Coratola says, and it took a lot of work to convince commercial real estate developer Robert Weiler to partner with him on the project. But it paid off; between equity and bank debt, the hotel ended up being a roughly $50 million project.

Other local projects have included the hotels near Port Columbus International Airport, an office building in Metro Place in Dublin and two Dublin shopping centers, as well as other assorted hotels, apartment complexes and shopping centers. Coratola has also dealt with hotels in Florida, Iowa and Illinois.

Coratola, who lives in Dublin, was a Columbus police officer for 22 years. His first few investment projects were apartment complexes in northeast Columbus, which also happened to be his beat. Using his knowledge of the community and experience as a police officer, he would invest in projects that others had difficulty managing and help turn them around.

He amassed some 2,000 apartments before selling them and beginning to move into larger projects such as shopping centers and hotels.

Coratola and his wife, Terri, have two grown children: a son and a daughter.

Garvey, an experienced real estate investor, has been a dentist for over 40 years and practiced as a periodontist for 29 of those years, owning a practice on Bethel Road in northwest Columbus. He was active in professional organizations and has served as president of the Columbus Academy of Periodontists.

He retired four years ago and is now a part-time faculty member at The Ohio State University College of Dentistry.

The Dublin resident and his wife of almost 40 years, Marcia, have two grown sons and one granddaughter.

He met Coratola 20 years ago at a party in Muirfield Village, where they both lived, and shortly thereafter, he decided to invest in one of Coratola’s apartment complexes. He has been investing in Coratola’s and other projects ever since, and recognized Snug Harbor as a good choice due to the appeal of the lifestyle opportunities it will offer.

“I have a lot of friends who have summer homes out there,” says Garvey.

Snug Harbor represented a prime opportunity, Garvey says, and the company jumped at the chance to invest in it when it came available.

“We really wanted Snug Harbor because we saw the value of the property there,” Coratola says.

Snug Harbor represents more than just a sound financial investment for Garvey.

“When I first saw Snug Harbor, it brought back memories of the years that I’ve spent on the water with my family, dating back to when I was a preteen,” he says.

Growing up in Annapolis, Md., Garvey spent time boating and fishing with his family on the Severn River. When they moved to central Ohio during his high school years, the areas around O’Shaughnessy Dam and Griggs Reservoir became the family’s new boating destinations.

“Practicing dentistry and, especially, periodontics, is a very precise profession,” he says. “It demands patience and attention to detail, and I looked forward to my time on the lake, when I can unwind, relax and goal-plan.”

On top of that, his wife grew up making trips to Ohio’s Seneca Lake. The couple took their sons there when they were young and bought a house on the lake shortly thereafter.

“I saw the smiles on their faces, and I decided … this was something I wanted to continue to do with my family,” Garvey says.

The return of those memories prompted Garvey to make Snug Harbor one of his investments. He also appreciates the opportunity to help others relax there, as he has relaxed on the water.

Such amenities as the Villa di Luce, wharf and ice cream parlor set Snug Harbor apart, as do the different housing styles, Garvey says.

“That excites me – (helping) other people have the same fun and the same experiences that type of lifestyle offers,” he says.

Bridge Street Firehouse Investments bought the note and related debt instruments from the bank, and because Bridge Street is now the lender, there’s no debt to deal with, Coratola says.

“All these other projects (we’ve developed) had huge debt on them,” he says.

By itself, the opportunity to invest and build in a popular lakefront community 35 minutes from downtown Columbus was appealing enough, Coratola says.

“You can’t replace inland water lakes,” says Garvey. “There’s only so much water available.”

On top of that, the homes in Snug Harbor are in the earliest stages of building. The structure – including roads, utilities, zoning and docking rights – is all in place, and that’s a big help, says Coratola.

“We see that this is an absolute home run (of a) project,” he says.

Coratola and Garvey have been working with Snug Harbor developer Marty Finta and have been pleased with the progress of the community, citing Finta’s vision and attention to detail as strong assets.

Coratola and Garvey have been encouraged by the recent announcement that lake levels will be raised to only one foot below summer pool by June.

The two frequently visit to check on progress and have closely followed news of the revitalization efforts in the area.

“I’m more excited about the Snug Harbor project than about any other project,” Coratola says.

Bridge Street will make the appropriate legal and business decisions and take whatever actions are necessary to protect its financial interest while working with Finta’s team, Coratola and Garvey say.

“Our plan now is to move forward the Snug Harbor project as designed and see it to completion, following Marty Finta’s vision and development plan, while giving the marketplace confidence,” says Garvey.

The combination of secure finances and completed amenities make Snug Harbor an appealing development, the two say.

“Although we have no written agreement at this time, we have come to an understanding with Bridge Street in how to move the Snug Harbor project ahead and we look forward to bringing Snug Harbor to market spring of 2016,” Finta says.

Garth Bishop is managing editor. Feedback welcome at gbishop@cityscenemediagroup.com.