Kings Point is an incredible community with 7,200 condominiums and a host of recreational facilities some of which are like no where else. However, over the years its monthly condo fees keep going up making them unaffordable for many owners. There are two ways to lower these fees, the first is to cut cost and the second is to increase revenue. Increasing revenue is by far the easiest of the two given its location, the number of residents and the immediate surrounding areas. The following will address ideas on raising revenue most of which could be done without adding additional cost to the owners. For every $7,200 increase in revenue we can lower our HOA fees by one dollar.
OUR THEATER – With 1,300+ seats its most likely the largest revenue generator we have at Kings Point. So why not open it to shows all year round? There is plenty of talent available and although our snow birds have gone home there are still approximately 8,000 full time residents and a huge outside population living within a five mile radius. It may take a little marketing to fill it up in the summer, but just think of the revenue which could be generated. In 2023 our theater income was $540,000, with a cost of $260,000. Besides adding additional show dates, last minute ticket could be sold online at a reduced cost in order to fill an otherwise empty showroom.
Dinner & Cocktails – why not have a restaurant in the main clubhouse next to the theater where you enjoy dinner or a cocktail before or after showtime. Like the theater, the restaurant would be open to the public and built and operated by a private enterprise. Kings Point would generate revenue either from a lease agreement or a partnership, either way with no out of pocket cost to the condo owners.
Let’s add (optional) valet parking – which could also be included with a VIP ticket. There are plenty of both residents and non-residents who would enjoy the convenience of not have to park and walk a great distance to enjoy the theater.
Vending machines strategically located around the community is an easy source of revenue operated on a split basis by an outside company. The only cost to Kings Point would be the electric. I believe the Kings Point community could easily handle 35 or more machines at a possible 40% share could amount to thousands in additional monthly revenue.
Convenience store – Looking for a quick and easy shopping experience? Look no further! Our store offers a wide variety of snacks, drinks, household essentials, and more. Whether you need to grab a quick bite to eat on the go or stock up on everyday items, we’ve got you covered. Our friendly staff is always ready to assist you and provide top-notch customer service. Plus, we offer competitive prices and convenient hours to ensure that you can always find what you need, when you need it.
Frozen Yogurt Stand – I prefer it to be located near the Bistro Cafe adjacent to the Monaco Clubhouse and pool in a self contained trailer. The operation and ownership would belong to an entrepreneur and Kings Point would either receive a percentage of sales or a flat lease payment.
Rules which in my opinion should be changed
No children in the Main Clubhouse – Many of us have frequent visits of our grandchildren. Add a play room in the clubhouse which could also contain coin operated games etc.
No food or beverages consumed at poolside
Replace one or more security guards stationed in the pool area with lifeguards
Increase security & enforce traffic laws with private security, fines to go to Kings Point rather than Palm Beach County. Make use of technology wherever possible. For starters let’s look at the company above
No men’s shorts worn in the theater needs to be changed, we are no longer living in the 70’s
Has anyone ever looked into the possibility of converting Kings Point Par 3 golf course into housing and building more condos and using that profit to lower the HOA fees of the 7,200 existing units? Does Kings Point really need two golf courses?