Board sets Colony vote standard high at 91%

It’s possible no more than 70% approval of unit owners is needed to validate a deal between the Colony Beach & Tennis Resort Association and Unicorp Acquisitions LLC.

But Jay Yablon, president of the association’s board, said board  members are uncomfortable with the relatively thin margin. That’s why the board is aiming higher. The magic number: 91% approval.

“What is very clear to us is if we get above 90%, we’re definitely above the zone where a legal challenge could be sustained,” Yablon said.

That means at least 216 of 237 unit owners must sign off on the plan.

Critical to the deal is convincing longtime unit owner Andy Adams, a Murfreesboro, Tenn., developer who owns 68 units — a 29% share — it’s a good deal.

“Our development committee has been having communications with Andy Adams, and our goal is to work to a point where by the close of voting Nov. 10, we have Andy on board with the development agreement,” Yablon said.

Contacted by phone, Adams declined to comment to the Longboat Observer.

The association’s proposed purchase, sale and development deal with Unicorp Acquisitions LLC would trigger a $1 billion redevelopment of the Colony Beach and Tennis Resort at 1620 Gulf of Mexico Drive. The resort has been shuttered since 2010, when key bankruptcy rulings in a longtime dispute between unit owners and resort owner Murf Klauber gave unit owners possession of their units.

Board Vice President Bruce Pinsky, a member of the development committee, said redevelopment offers a unique opportunity.

“In our long history of trying to develop the property after all the bankruptcies and litigation, we have a unique opportunity to end all litigation and unify the owners’ 15 acres with the rec-lease parcels,” Pinsky said. “It’s also a stronger and more compelling offer for either cash or units for people who want to stay in them than we ever have had before.”

Yablon said it’s too early to monitor early vote returns yet, because the 86-page deal was only mailed to owners Sept. 15. Notarized votes are required to be returned by mail.

“We have nothing to report yet,” Yablon said. “I haven’t even got my own vote notarized yet.”

He expressed optimism about obtaining the necessary votes.

“If for some reason we don’t, we’ll cross that bridge when we get there,” Yablon said.

Unicorp President Chuck Whittall vowed he would not let one owner scrap the redevelopment.

“I know this property is going to get redeveloped,” he said.