Iconic property clears vote in redevelopment saga

LONGBOAT — The board of directors of the Colony Beach & Tennis Resort Association voted 8-1 to approve a development agreement with Unicorp National Developments.

The agreement, voted on last night, lays the groundwork for a revival of the shuttered Longboat Key landmark, according to the Longboat Observer, sister paper of the Business Observer.

Within the next several weeks, owners will consider the proposal for a 180-room hotel and a 180-unit condominium, which comes with a buyout deal worth $31 million. At least 75% of unit owners will have to approve the agreement for the redevelopment plans to move forward.

Colony Association President Jay Yablon says he wasn't surprised by the board's vote. He notes that if unit owners approve the agreement, Unicorp can ramp up its planning efforts.

In 2009, Bank of America filed a foreclosure suit against longtime Colony owner Murray Klauber and seven of his corporations. The suit came two-and-a-half years after unit owners stopped paying for operational expenses after disagreeing with Klauber over who was responsible for paying $10.6 million worth of repairs and improvements. The resort shuttered for good in 2010.

The Four Seasons is the tentative hotel operator associated with the redevelopment project, and Yablon says he expects the Colony Association to contribute some input to the project. “I suspect there will be some homage paid to the Colony in terms of how they design the project,” he says.