THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, January 7, 1995 TAG: 9501050283
SECTION: REAL ESTATE WEEKLY PAGE: 04 EDITION: FINAL
TYPE: Cover Story
SOURCE: BY PAIGE FLEMING, SPECIAL TO REAL ESTATE WEEKLY
LENGTH: Medium: 95 lines
Why did lawyer Peter Decker buy the dilapidated old Lafayette Yacht Club property?
``He always wanted it,'' says Bess Decker, commenting on her husband's long-time dream. She is also his business partner in this enterprise.
``He used to joke and he used to tell me he was going to build my home on it because we've always wanted a sunrise-sunset. He would drive by all the time and he'd say someday I'm going to build you a home there.''
Pete Decker's desire to own the defunct yacht club on the Lafayette River in Norfolk was realized just a few days ago when the final papers were signed. Now, it's his.
But why would he bother? The facility is in terrible shape and needs a lot of work. But as Decker himself describes it: ``I don' even see what's there. I see it as an absolutely beautiful bride that hasn't been dressed up yet. That's what that point is.''
The point of land he just acquired rests at the very southern point of the Granby Street Bridge. Over the years, many have watched its slow decline from a vital yacht club into a sore spot on the revitalized city landscape. This is what the Deckers want to change.
``I paid $300,000 for the land and it will cost me another $330,000 to $350,000 to tear down the building and clear the land,'' Pete Decker says. That includes $85,000 to take care of asbestos in the structure. Fortunately, the large underground fuel tanks aren't a problem.
The pluses, Decker contends, are that all the land fronts on deep water. Some 100 boat slips are still in good condition, leaving open the possibility of a boatel as well as a motel.
What the Deckers intend to do is survey the situation before anything at all is done. ``We want to see what the problems are and then what would be the best use for not just Peter and Bess Decker but for the community,'' he says.
Decker says they are considering all options. He and his wife have already gotten lots of suggestions, including a senior citizens home. That's not a bad idea, he says, because there are some good tax benefits to that.
Someone else suggested a public swimming pool, another mentioned a park. The park is a nice thought, Decker says, but it's hard to make a living off a perk.
Decker has also been contacted by a grocery chain and two people interested in a marina. Lots of votes haves been cast for condominiums. One hopeful has already ordered a nice three-bedroom, Decker says with a smile.
Also, one very detailed, organized person sent information about placing subsidized rental property there. That's not a consideration, Decker says. ``Subsidized housing is necessary,'' he says, ``but not on the only piece of prime waterfront property left in the city.''
The Deckers don't want to do anything with the property until they hear from the engineers looking in tot he structural quality of the existing facilities.
``We will have to build a new bulkhead,'' he says. ``The existing one should have been out by several feet and it also should have been higher. That would have made a difference with the flooding. And since the bulkhead wasn't built properly to begin with, it has really been undermined over the years.''
The Deckers do have some major concerns. The first is dealing with the wetlands laws. They have first-hand knowledge in dealing with environmental considerations. They build and own a hotel in Deltaville very close to the Rappahannock River.
``We know that anytime you go to build near the water, you've got problems,'' Decker says.
While wetlands considerations can be a problem, Decker hopes he can comply with the regulations by building on the ``footprint'' of what is already there and avoid any new land.
Decker says the parcel of land fits in with the overall development and revitalization of Norfolk from Downtown to Ocean View. ``I've seen the city of Norfolk in the last 20 years or so just come up like a cypress tree,'' Decker says. ``Just going straight up. And Hampton Roads, generally, is growing.''
He sees the development of this property on an estuary as one of the last pieces of the puzzle completing the picture. ``When I see a deal, I know whether it's a good deal or a bad deal,'' he says, ``and the Lafayette Yacht Club is a good deal.''
While they don't yet know exactly what will be built there, Bess Decker says that if condos are the way to go, maybe they will finally get that sunrise, sunset view that they've dreamed of for so long. ILLUSTRATION: [Color] Staff photo by MOTOYA NAKAMURA
MAN WITH A DREAM
Decker checks out the abandoned Lafayette Yacht Club, the site of
his new project.
File photo by RICHARD L. DUNSTON
The Lafayette Yacht Club site is "an absolutely beautiful bride that
hasn't been dressed up yet," says new owner Peter Decker.
by CNB