Opponent to Colony development sells units

A Colony Beach & Tennis Resort investor who has opposed development of the former resort in court has settled with the proposed developer of the property to sell his units and also removed himself from the board of the former resort's condominium association.

Blake Fleetwood sold his two beachfront units to Unicorp National Developments, thereby divesting from the property and revoking all rights invested in it. Price was not immediately disclosed.

“Things continue to move forward on a positive path,” wrote Unicorp National Development President Chuck Whittall in an email.

Blake Fleetwood confirmed that there was a settlement reached between himself and Unicorp but declined to give details due to a confidentiality agreement. He did say, however, that Whittall's email in regard to how much was paid for the property is a violation of the agreement.

Whittall declined to say how much he paid for Fleetwoods units.

[Longboat prepares to demolish Colony]

The rights Fleetwood relinquished include his authority to appeal a town decision to approve Unicorp National Developments as a developer of the 17.6 acre property and his ability to make decisions about the future of the property as a member of the condo board.  

Both of those conditions were included in the terms of sale, according to Jay Yablon, Colony Condominium Association Board President, who had knowledge of the transaction.

“[Fleetwood’s sale] ends the legal challenge that was filed against the town of Longboat Key and as such removes an impediment to the redevelopment of the Colony proceeding forward,” Yablon said.   

Beyond the individual units, Whittall owns a 95% stake in 2.3 acres of Colony property that included the old restaurant, delicatessen, swimming pool and tennis courts. Investor Andy Adams owns the other 5%. Of that property, Whittall wrote: "The partition sale of the remaining 5% of the Rec Land will occur the 24th of July. This will consolidate the recreational property where it will no longer have a divided ownership.''

Unicorp National Developments has also filed a lawsuit against each member of the more than 200-member condominium association in effort to dissolve the group and, for a price, gain ownership of each individual unit. Fleetwood has filed a motion to dismiss this case.

The town of Longboat Key this month issued an emergency demolition notice, alerting unit owners that the town intends to begin taking down buildings on the property next week. 

Earlier this year, the Town Commission OK'd Whittall's plan to develop a five-star St. Regis Hotel, 78 luxury condominiums in an investment that will total $650 million.