Colony owners review development proposals

With the blessing of Sarasota County Judge Rochelle Curley, the Colony Beach and Tennis Resort Association held its first annual board meeting in two-and-a-half years Tuesday at Temple Beth Israel.

A Unicorp National Development LLC subsidiary filed a motion for a temporary injunction Dec. 8, in the 12th Judicial Circuit Court, to halt the meeting and future meetings until there’s full resolution of all bankruptcy and legal issues surrounding the shuttered resort.

Curley denied the motion, paving the way for Unicorp President Chuck Whittall, along with MW Development Group/The Lutgert Cos. spokesman Manfred Welfonder to make presentations and elect a new board.

Whittall, who was ordered to dismiss lawsuits against unit owners earlier this year, told those same owners his company is the right choice for a development partner because it controls 2.3 acres of property in the middle of the resort. And he’s held several conversations with the town about building a 360-unit project (180 condos and 180 hotel rooms) on all 18 acres.

Whittall, who has financing in place for a project, presented a $30 million offer that includes offering most owners $126,000 for their units and a $200,000 premium for oceanfront units.

Introducing MW Development Group Principal Manfred Welfonder, association President Jay Yablon told owners that Welfonder is the only person involved in the Colony bankruptcy saga who “has never been involved in a single one of our lawsuits over the last 10 years.”

“That’s a Colony achievement to be proud of,” Yablon said.

Welfonder described his four-star, 220-unit, share-ownership hotel concept to owners but declined to give price point offers.

“We are financially prepared to buy Colony assets,” Welfonder said.

When Andy Adams, the owner of 70 units who controls the fate of an ownership vote because of the need for 80% owner approval needed to perform actions such as terminating the condominium association to sell the property, was asked to provide input on whether he is interested in pursing either development proposal, he declined and said he was only attending the meeting for educational purposes.

The Colony board plans to schedule a meeting soon to discuss whether to proceed with a development agreement that unit owners support or discuss ways to auction off the property.

For a list of board members elected at Tuesday’s meeting, visit YourObserver.com.