New deal allows Unicorp to seek dissolution of condo association in courts.
The site of the former Colony Beach & Tennis Association moved closer to redevelopment this week.
The Colony Beach & Tennis Club Association “revised and restated” its development agreement with Unicorp National Developments Inc. — through an 8-1 vote — paving the way for the developer to seek the dissolution of the condo association in the courts, rather than by owner consensus, said Jay Yablon, president of the Colony Beach & Tennis Club Association.
Florida law requires 95% of unit owners agree to dissolve a condo association; 65% of Colony owners have agreed to the redevelopment plan with Unicorp National Developments Inc. and the other 35% “has shown no sign to date to be prepared to join the rest of the owners,” Yablon said.
“We are at what I think will be presented to the court as an impasse,” Yablon said.
The two entities have been negotiating the new plan — which offers $170,000 a unit, plus $100,000 for midrises and an extra $200,000 for beachfront dwellings — for about six months, Yablon said. In December 2016, Unicorp paid $165,000 for two units, $84,000 for two others and $65,000 for two others.
Charles Whittall, president of Unicorp National Developments Inc., said he plans to file his proposal to dissolve the association, buy the properties and redevelop the site with the Sarasota Clerk of the Court within two weeks.
If all goes as planned, Whittall said he’s hoping to begin construction of a five-star hotel by fall 2018.
Whittall’s redesigned development plans for the resort sit now with the town of Longboat Key. Scaled back from a proposal rejected last spring by town voters, it calls for a 166-room hotel under the St. Regis banner and 102 residential units. On Sept. 1, the plans were reviewed and sent back for revisions by the town’s Development Review Committee. From there, the plans would be forwarded to the Planning and Zoning Committee for a recommendation. Ultimately, the Town Commission will vote on the plans, likely early in 2018.