The Colony Beach & Tennis Resort Association whittled its list of renovation and development proposals from 16 to 9 at a board meeting Wednesday, April 13.
Colony Association President Jay Yablon informed unit owners that the following companies have moved on to the next round:
• St. Louis-based AdamsMark L.P.
• Longboat Key-based Arendee Colony (Colony Lender)
• Broomfield, Colo.-based Quintess
• Naples-based Coral Hospitality
• Sarasota-based Floridays Development Co.
• California-based Mayacama
• Sarasota-based MW Development & Investment Advisory
• Delray Beach-based Ocean Properties
• New York-based Starwood Capital Group
Of the nine remaining contenders, only MW Development & Investment Advisory is suggesting a complete teardown and rebuild of the property. The rest include renovations and restorations of existing units.
Colony Lender LLC, which owns bank notes currently in foreclosure on resort parcels, also made the list with a proposal that suggests all unit owners sign over the titles to their units to create a timeshare facility in exchange for a new five-star resort.
For more information, pick up a copy of the Thursday, April 21, edition of the Longboat Observer.
Contact Kurt Schultheis at firstname.lastname@example.org.
Currently 2 Responses
- Should the town of Longboat Key allow a major renovation of the structures on the Colony property without conforming to the Flood code the entire Town of Longboat Key could lose the Federal Flood Insurance that each property owner must have in order to obtain and retain a mortgage on their property.
- MW Development's solution is the only one that makes sense. Restoring the 65 year old Colony is throwing good money after bad. A totally new facility is the answer.
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