Monday, February 20, 2006
Florida Keys Resort Redevelopment
You have probably heard about some of the commercial properties being redeveloped in the Florida Keys. Here is a brief overview of what has occured in the last year. Click on the links to read more indepth information about the individual transactions.
May 2005 - Key Colony Bay Motel - formerly the Ramada Inn in Marathon - will be no more. At some point this summer or fall once permits have been issued, the entire property will be bulldozed. In its place, the company that owns the motel will construct 72 two-bedroom condo hotel units. That new entity, to be called Key Colony Bay Resort, will then be owned by those who purchase the individual units.
August 2005 - La Siesta sells to local the new owner is Jeffrey Schocket, a three-year Islamorada resident who formerly was a developer in Aventura, North Miami and Boca Raton. He said he plans to improve the entire six-acre site to make it more of an "interactive environmentally friendly resort. We plan on having lagoons on site with marine life, 75 percent of the plantings will be native to the Keys. "We're going to restore the property environment, make it a real family resort."
October 2005 - Seascape Resort goes Condo/Hotel. Robbie Browning and Jim Rudnick of Winter Park purchased the old Seascape Resort. the new owners propose to demolish the current structure and replace it with 10 condo/hotel units. The number of rooms per unit remains to be decided but each will be approximately 1,500 square feet. The new condo/hotel rooms will sell in the $1 million-plus range.
October 2005 - America Outdoors and Key Largo Ocean Resorts to be redeveloped. Cortex Resort Living, developer of America Outdoors resort, plans to use the 154 transient building permits associated with the parcel to build 62 two-bedroom units and 30 one-bedroom units. Plans also include a restaurant and lounge. The Key Largo Ocean Resorts is to develop the 21-acre Key Largo Ocean Resorts into a residential development of up to 285 homes.
December 2005 - Marathon's Banana Bay sold. Ohio-based Boykin Lodging Co. plans to convert it into condo hotel rooms.
February 2006 - Cheeca Lodge enters 2nd Condo sales phase.
February 2006 - Holiday Isle deal stalls. For many residents and visitors, the announced sale of Holiday Isle was a shock. Now, the sale may be in jeopardy.
February 2006 - Key Largo's Bayside Resort Sold. Frank Rego, Cay Clubs vice president of operations for the eastern seaboard, the Caribbean, and the Keys, refused to say what his company's plans are for the Bayside. He indicated that they had not yet formulated any redevelopment plans nor have submitted any of those plans to Monroe County.
Stand by, more to come.
Read more on Florida Keys Resorts Redevelopment here.
May 2005 - Key Colony Bay Motel - formerly the Ramada Inn in Marathon - will be no more. At some point this summer or fall once permits have been issued, the entire property will be bulldozed. In its place, the company that owns the motel will construct 72 two-bedroom condo hotel units. That new entity, to be called Key Colony Bay Resort, will then be owned by those who purchase the individual units.
August 2005 - La Siesta sells to local the new owner is Jeffrey Schocket, a three-year Islamorada resident who formerly was a developer in Aventura, North Miami and Boca Raton. He said he plans to improve the entire six-acre site to make it more of an "interactive environmentally friendly resort. We plan on having lagoons on site with marine life, 75 percent of the plantings will be native to the Keys. "We're going to restore the property environment, make it a real family resort."
October 2005 - Seascape Resort goes Condo/Hotel. Robbie Browning and Jim Rudnick of Winter Park purchased the old Seascape Resort. the new owners propose to demolish the current structure and replace it with 10 condo/hotel units. The number of rooms per unit remains to be decided but each will be approximately 1,500 square feet. The new condo/hotel rooms will sell in the $1 million-plus range.
October 2005 - America Outdoors and Key Largo Ocean Resorts to be redeveloped. Cortex Resort Living, developer of America Outdoors resort, plans to use the 154 transient building permits associated with the parcel to build 62 two-bedroom units and 30 one-bedroom units. Plans also include a restaurant and lounge. The Key Largo Ocean Resorts is to develop the 21-acre Key Largo Ocean Resorts into a residential development of up to 285 homes.
December 2005 - Marathon's Banana Bay sold. Ohio-based Boykin Lodging Co. plans to convert it into condo hotel rooms.
February 2006 - Cheeca Lodge enters 2nd Condo sales phase.
February 2006 - Holiday Isle deal stalls. For many residents and visitors, the announced sale of Holiday Isle was a shock. Now, the sale may be in jeopardy.
February 2006 - Key Largo's Bayside Resort Sold. Frank Rego, Cay Clubs vice president of operations for the eastern seaboard, the Caribbean, and the Keys, refused to say what his company's plans are for the Bayside. He indicated that they had not yet formulated any redevelopment plans nor have submitted any of those plans to Monroe County.
Stand by, more to come.
Read more on Florida Keys Resorts Redevelopment here.
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