Meanwhile, the resort's marina, tennis courts and golf course as well as time-share units are operational.

But now many of them are not staying there as guests but as owners of time-share units in the complex.

That phase, which is being designed, will consist of single family homes, town houses and time-share units in mid-rise buildings.

They are concerned that he would convert his time-share units to apartments or flip the property to another developer who would change the plans.

Banks rarely make conventional mortgage loans on time-share units.

No matter how enticing the deal you cannot count on future appreciation, since the resale value of time-share units is generally low.

Half will be converted to time-share units, Mr. Toy said.

Sales brochures, personal interviews and preview tours add up to more than half the price of a time-share unit.

Maintenance, originally $1.98 a share, is now $4.98 a share, or $498 a week in annual payments for the least expensive time-share unit.

His plans call for 300 detached homes, 600 town houses, 700 apartments and 500 time-share units in a resort hotel.