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Colony Beach and Tennis Club developers make unit owners 'really good' settlement offer

Offer comes to $130,000 per unit plus a $200,000 bonus for oceanfront units and $100,000 for mid-rise units


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  • | 2:32 p.m. August 26, 2016
  • Longboat Key
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The week after five buildings were razed on the former Colony Beach and Tennis Club grounds, organizers touted another milestone Friday on the road to rejuvenation for the rundown properties.

“I am happy to forward along the announcement that was just emailed out to all of the Colony owners, that we now have executed development and settlement agreements between the Colony Beach and Tennis Club Association and Unicorp National Developments,” read an email signed by Jay Yablon, president of Colony Beach & Tennis Resort Association

Unicorp National Developments President Chuck Whittall said Friday it’s full steam ahead for the developers. Three firms ‑ Kimley-Horn & Associates Inc. of Sarasota, SB Architects of Coral Gables and EDSA Inc. of Fort Lauderdale - will work on the Colony revitalization, according to Whittall.

“All are officially hired,” Whittall said. “They began work Thursday.”

Developers need 75 percent approval within 45 days from the owners of the 237 units, including one who owns 68.

“We’ve made a really good offer and hopefully he’ll get on board in the new few weeks,” Whittall said.

 The offer comes to $130,000 per unit plus a $200,000 bonus for oceanfront units and $100,000 for mid-rise units.

 

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