The Colony Beach & Tennis Resort Association Board of Directors received Sept. 7 a report from Karins Engineering Group Inc. that shows it would cost approximately $600,500 to get the resort’s 237 units in condition for occupation this season.
The report explains that two villa buildings that have not been used for at least the past year were inspected to come up with a “worst-case scenario” for unit owners.
Association President Jay Yablon said the board of directors distributed the report to all 232 unit owners Thursday, Sept. 9 and held a public board meeting for unit owners Friday, Sept. 10, to discuss the report.
“It appears the cost of getting owners safely into their units this coming season is turning out to be lower than we had anticipated,” Yablon said. “I am encouraged by the numbers.”
Yablon said the unit owners will receive an amended budget for their review in early October, which will give them an opportunity to approve the $600,500 assessment to make necessary repairs to ready their units for use again by the end of the year.
The assessment would most likely average out to approximately $2,500 per unit owner.
“They (unit owners) will vote on approving assessments for some of the immediate repairs that need to be performed,” Yablon said.
The unit owners’ decision on what the next step will be — to raze the property and rebuild or renovate further — will be made some time next year.
To renovate the current 237 units to attain another 20 to 40 years of use, David Karins, president of Sarasota-based Karins Engineering, estimates the cost to unit owners would be approximately $19.6 million.
By comparison, Karins estimates a complete demolition of the property and a rebuild of an estimated 282 units (45 units more than the existing resort) would cost approximately $54.4 million.
“The report indicates a rehabilitation is technically feasible, contingent on certain government regulations,” Yablon said. “And it’s not as costly as some of us might have anticipated.”
Yablon said, however, the board of directors will not make a decision about the resort’s future in haste.
“There is no time frame for that decision right now,” said Yablon, who explained that the board is talking with consultants to help the board develop and manage a proposal process in which interested developers can submit proposals to be a part of the resort’s development team. “We are going to do this right because doing it right is more important than doing it fast.”
For now, Yablon maintains the focus is on occupying the units later this year until an agreement is reached on the resort’s long-term future.
“Having these numbers in place for comparison purposes gives the board and the owners a good foundation for the coming discussion of whether we look to rehabilitate or rebuild,” Yablon said.
Contact Kurt Schultheis at email@example.com
The Colony Beach & Tennis Resort Association Board of Directors received a report from Karins Engineering Group Inc. Sept. 7 that shows it would cost approximately $600,500 to get the resort’s 237 units in shape for occupation this season.
Below are excerpts from the report.
• “Buildings 6 and 12 were observed as representative of the condition of villa units at the Colony. The buildings were observed to be in a state of disrepair. Deterioration and insect-related damage were observed to have progressed since Karins’ previous visit in 2009.”
• “Some structural items are in a state of failure and are in imminent danger of collapse. Deterioration is comprised of rotting-wood structural components, corrosion of steel and reinforced concrete foundation components and ultraviolet damage of decking boards. Infestation is active and visible at numerous structural components including roof beams, floor framing, wall framing, doors and stairways. Immediate appropriate treatment is required.”
• “Several water-heating units appear to have recently been replaced. Evidence of an electrical fire was noted at one unit. Evidence of standing water in overflow plans at numerous units indicate leaking water heaters and/or plugged drainage lines. Water piping under the villas was in serious, deteriorated condition and is likely leaking at numerous locations. Selective replacement is immediately necessary and toil replacement is recommended.”
GETTING THE UNITS IN SHAPE FOR SEASON
Karins Engineering Group Inc. revealed in a report that for $600,500, units could be repaired for owner occupancy this season and would pass town of Longboat Key building inspections.
The total cost breakdown is: