News for the Hospitality Executive
Longboat Key Club and Resort Receives Approval for $400
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
Longboat Key Club & Resort
|Also See:||Facing Extensive Upgrades, The 30 Year Old Holiday Inn Hotel and Suites at Longboat Key, Florida to be Demolished / Sept 2003|