News for the Hospitality Executive |
Longboat Key Club and Resort Receives Approval for $400
Million
Redevelopment Plan; the Condominium Resort Will Redesign
Golf Course, Add a Hotel with 196 Rooms and
76 Private Residences
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:
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
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Contact:
Longboat Key Club & Resort
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Also See: | Facing Extensive Upgrades, The 30 Year Old Holiday Inn Hotel and Suites at Longboat Key, Florida to be Demolished / Sept 2003 |