Colony board wants to meet its match

Last month, the Colony Beach & Tennis Resort Association’s board voted to end its relationship with development partner Club Holdings Ventures LLC.

Now, at least three former suitors — i.e., developers who submitted past proposals for redeveloping the 237-unit shuttered resort — are hoping to woo the board, once again, and secure a role in the property’s future: W. Andrew “Andy” Adams’ AdamsMark L.P., the Naples-based Coral Hospitality and Longboat Key resident Manfred Welfonder’s MW Corp. have expressed interest in redeveloping the property.

Adams, a longtime unit owner and former board member, has a growing stake in the Colony. According to the Sarasota Clerk of the Court’s website, sarasotaclerk.com, his Colony Beach Investors LLC has purchased 42 units since March. Additionally, Adams has three units listed in his name, according to property records. Adams’ Breakpointe I LLC was foreclosing on overdue bank loans for longtime Colony owner Dr. Murray “Murf” Klauber’s residential unit and beachfront Vagabond resort unit, however, the parties reached a confidential settlement during mediation in April.

Adams expressed interest in his company being a developer and operator of the Colony in an email Monday to board President Jay Yablon. AdamsMark was one of four final contenders for the redevelopment last year. In his email, he wrote that his company would be willing to discuss a management agreement with Coral Hospitality, which was also among the four finalists.

Adams wrote that his company is willing to show evidence of a $20 million letter of credit from a “reputable regional bank that has operations in Sarasota, Fla.”

Coral Hospitality Chairman John Ayres Jr. sent a letter last week to Yablon expressing interest in his company becoming the Colony’s consultant/developer.

In his letter, Ayres suggests that Coral Hospitality’s approach could involve renovating existing facilities and villas, a new hotel tower and beginning “immediately to solve the compliancy issues by putting our engineering team on site to begin the remodeling process of the beachfront villas and amenities.”

Welfonder, whose company was one of six finalists, hasn’t given up on redeveloping the Colony since his proposal was eliminated last summer. He has continued to make the case directly to unit owners for his proposal, which would include a complete rebuild. His company has submitted three proposals to the board since the end of 2007. In March, he and Sarasota developer Jay Tallman, president of Ascentia Group LLC, announced that they had teamed up in hopes of redeveloping the Colony.

Welfonder wrote in a letter to Yablon that MW Group hopes to have a conceptual site plan and 3D renderings to the board and Klauber, as a representative of the “three-acre ownership group.” (Klauber retains control of approximately three acres at the center of the property.)

The board had a four-hour conference call meeting Monday, which included a lengthy discussion of rehabilitation and rebuild options along with talk of how to move forward with the selection of a development partner. The board will likely pursue an expedited selection process that could include a deadline in the next few weeks for submitting proposals, according to Yablon.