Williamsburg, VA -The Ford’s Colony’s board of directors voted to continue its relationship with Realtec Monday, agreeing to contract with the management arm for five more years.
Two years ago the Ford’s Colony homeowners association began to consider other management companies for the $4.5 million management contract. In the past year it solicited proposals and narrowed the choice down to three companies: two from northern Virginia and Realtec. It was the first time in the 24-year history of Ford’s Colony that the association had considered an outside firm. Realtec’s development arm retains veto power over the vote, so if the association had chosen another vendor, Realtec could have struck down the decision. Association president James Taverna said the directors ultimately chose to remain with Realtec for the cost, the synergy and history of Ford’s Colony, and the risk of trouble during a transition to a new company. They also felt Realtec was best poised to handle future growth within the gated community. 
Realtec Community Services has also agreed to a lease-purchase option on the management facility, which was the management company’s leverage to renew. Under the new arrangement, the association can lease the management and maintenance facilities for $800,000 a year for five years.
With a $4.5 million annual budget, derived from $1,400 annual fees from each homeowner. Realtec maintains 46 miles of private roads, and manages the security, property maintenance, and recreation crews. They have 65 employees, and are responsible for the contractors, as well.
Also, because there was a perception that Drew Mulhare might have a conflict of interest because he is both general manager and president, which means he has responsibilities to both the developer and the board, the assistant general manager will now become general manager and Mulhare will remain president.
Mulhare said the new general manager will have more direct contact and communication with the association.
|
Ford’s Colony |
Williamsburg/ James City County |
Williamsburg VA |
 |
 |
 |
Filed under: Ford's Colony, News, Real Estate Search, Williamsburg Neighborhoods |
Leave a Reply