LONGBOAT KEY, Fla. (July 23, 2010) � Longboat Key Club and Resort received approval for its $400 million redevelopment plan on June 30, 2010. The Longboat Key Town Commission voted overwhelmingly to approve the Club�s plan�marking a significant step for the future redevelopment of Longboat Key.

�High-end tourist resorts like Longboat Key Club and Resort require periodic, extensive renovations to remain competitive and attractive,� said Michael Welly, General Manager of Longboat Key Club and Resort. �Not only are these enhancements vital to the Club�s future, they also will help support the island�s property values and the town�s economic health for years to come.�

The approval of the Club�s redevelopment heralds a new vision for the future of Longboat Key and demonstrates that this premier resort community supports best redevelopment practices and welcomes first-class enhancements that are sensitive to the environment and the community.

Peter Yesawich, travel expert and Chairman and CEO of the Ypartnership, commented, �This approval will enable Longboat Key Club and Resort to compete more effectively with Florida�s finest beachfront resorts. The Club�s investment will help stimulate the local economy and create renewed interest in the area by attracting more affluent travelers and families.�

The $400 million redevelopment of the Club�s Islandside property includes:

• Rees Jones redesigned 18-hole golf course
• A new five-star, green certified, hotel with 196 rooms and 76 private residences
• A new Wellness Center with enhanced spa, fitness facilities, and rooftop lap pool
• A new Meeting Center with 17,000 square feet of usable meeting space
• A new golf clubhouse, restaurant, and pro shop
• Five luxury villas along the golf course with a total of 32 residences
• Three luxury townhome villas along new Pass Cove with a total of 20 residences
• One luxury condominium building with a total of 27 residences adjacent to the new hotel along New Pass Cove
• Beautiful lush landscaping and pedestrian walkways designed by the internationally acclaimed landscape architect firm EDSA
• New feature swimming pools, pool bar, and an adjacent active children�s pool with extensive landscaping, lighting, and zero entry design
• Four state-of-the-art HydroGrid tennis courts

The Club�s redevelopment contains 196 tourism units and 155 residential units for a total density of 351 units.

According to a study conducted by leading Florida economist Hank Fishkind, the Club�s redevelopment will have �a very substantial and positive fiscal impact on the Town�s budget and surrounding real estate values. Additionally, Fishkind found that surrounding home values on Longboat key will increase an estimated seven to 12 percent above overall market appreciation as a direct result of the Club�s revitalization.

The $400 million project will provide more than 500 jobs to the Sarasota area where 1 in 10 residents are employed within the tourism industry. An enhanced and refreshed Club will attract future generations of affluent, upscale visitors who return as homebuyers�increasing the demand for local real estate and supporting local businesses and the tax base.

The Club proposes to privately finance this $400 million investment in Longboat Key�upgrading its facilities and recreational amenities�without assessing its Club members or seeking money and tax breaks from the Town.

ABOUT LONGBOAT KEY CLUB AND RESORT
Longboat Key Club and Resort is Sarasota, Florida�s premier AAA Four-Diamond beachfront resort and private club with a growing list of unparalleled amenities and guest services. The Club�s existing resort offers 218 newly renovated rooms and suites with private balconies and features on-site amenities that include: 45 holes of championship golf with instruction available; 25 Har-Tru tennis courts with instruction available; a fully-equipped Fitness Centre with personal trainers; Island House Spa with 12 treatment rooms and more than 50 services; six unique restaurants; a 291 slip deep-water marina; and a private white sand beach.