The Colony Beach & Tennis Resort Update via The Observer
Date: August 29, 2012
by: Robin Hartill | City Editor
When the parties involved in the Colony Beach & Tennis Resort gave a status update in March, town commissioners bemoaned the lack of progress.
Tuesday, Sept. 4, those involved will be back in front of the commission.
That is when the Association will ask the commission during a quasi-judicial hearing to extend the Dec. 31 deadline for re-opening as a tourism property to June 2014.
But, in the meantime, those involved are working overtime to show commissioners evidence of what the commission wanted to see in March: progress.
At 8 p.m. Wednesday, Aug. 29, the Association’s board will meet to consider a recommendation of the Owner’s Redevelopment Advisory Committee to approve what board President Jay Yablon described in an email sent Monday night to unit owners as a “non-binding memorandum of understanding between Breakpointe LLC and Coral Hospitality LLC for concluding settlement negotiations among all parties and for redeveloping and reopening The Colony.”
Breakpointe LLC is owned by longtime Colony unit owner Andy Adams, whose entities own at least 48 of the resort’s 237 units, according to property records. Adams also owns a 5% interest in the resort’s three-acre tennis courts and recreational property.
Coral Hospitality is a Naples-based hospitality management and investment company. Its past projects have included managing the Sandpearl Resort on Clearwater Beach after its 2005 opening and the 2006 completion of a $12 million renovation of Casa Ybel Resort on Sanibel Island.
“In essence, Andy Adams and Coral Hospitality have negotiated a nonbinding agreement for how to proceed with both the settlement of disputes at the Colony and rebuilding and renovations,” Yablon told the Longboat Observer. “Wednesday’s board meeting will be for the purpose of signing into that agreement.”
Yablon said that the terms of the agreement are currently confidential.
Details, including the proposed mix of new and rehabilitated units, will be disclosed at Wednesday’s meeting, which is open to all unit owners.
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