A partition auction of recreation property at the site of the former Colony ended with Unicorp National Developments purchasing Andy Adams 5% of the land.
Unicorp National Developments Inc. was successful Tuesday in consolidating ownership of the recreational property of the former Colony Beach & Tennis Resort at a partition sale in Tampa federal courtroom.
Unicorp's bid of $29.51 million for the disputed 2.3 acres was successful in the all-or-nothing deal. Because the Orlando company already owned 95% of the property, the company will pay investor and Colony unit owner Andy Adams for his 5%, or $1.4755 million.
“Its a fortifying position,” said Unicorp President and CEO Chuck Whittall. “I think we’re in a solid position and I think there's only one or two more dominos to fall.”
The sale further solidifies Unicorp's position as the developer of a proposed St. Regis Hotel and Residences, a 166-room, 78-condominium project, approved by the town of Longboat Key in March.
The recreational property includes the old restaurant, delicatessen, swimming pool and tennis courts.
There are two obstacles to development of the property that still must be overcome before development: the demolition of structures and the termination of the condominium association.
Demolition of 26 of the property’s 27 remaining buildings is scheduled to begin July 26. The 27th building was condemned on July 23 and can't be demolished until the appeal period has passed.
No court dates have been set for the termination of the condominium association, a civil suit that Whittall said he hopes will conclude by first quarter of 2019. That suit, if Whittall wins, would dissolve the association and relieve unit owners of their condominium rights to that property.
Whittall must own 100% of all the property and the individual units before he may build at the site
Unicorp plans to break ground by next summer with a goal of completing the $600 million project by 2021.