Unicorp National Developments has received approval from the the board of directors of the Colony Beach & Tennis Resort Association for the redevelopment of the shuttered Longboat Key landmark. The 8-1 vote will allow the company to pursue plans for a for a 180-room hotel and a 180-unit condominium on the site. At least 75 percent of the unit owners will have to approve the agreement for the redevelopment plans to move forward. If approved by the owners, the deal will work out to a $31 million buyout.
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 shut down for good in 2010.
