FALL LAKE- The developers whose plan to remake the Silver Rapids Resort hit troubled waters late last year have sold their interest in the property to one of their partners in the project, the Storie Co. of Indianapolis, for $ 3 million. That’s a half million more than the developers paid in 2022, when they bought the resort for $2.5 million from the previous owner, Elroy Kuehl.
According to Lake County and Minnesota Secretary of State records, the developers’ holding company, Silver Rapids Resort LLC, sold the Fall Lake property to Silver Rapids Lodge SPE LLC, a holding company owned by Storie Co. The new deed was recorded in Lake County on Feb. 7.
The Indianapolis-based Storie Co. bills itself as “a hotel investment, asset management, and development firm specializing in hotel and resort properties in select secondary and tertiary drive-to markets that possess unique appeal and demand drivers.” Three of the five principals of Storie Co. are part of the management of Milhaus, a multi-state developer of multi-family housing based in Indianapolis. Both Storie and Milhaus have the same address.
The Timberjay reached out to the Storie Co., for more information on its plans for the resort property but did not receive a response prior to press time.