Loading
For more than two decades, officials with the Manatee Convention Center have been trying to find a developer to build a hotel nearby. Now with the real estate market downturn maybe those vacant luxury condominiums next door in Riviera Dunes could be the answer to that need.
That was the suggestion of well-known Anna Maria developer/resort owner David Teitelbaum, a new member of the Manatee County Tourist Development Council.
Teitelbaum and Manatee Convention Center officials are expected to meet with C. Tim Vining of Corvus International next week to examine the feasibility of using some of the unused condo space as short-term rentals.
“These units have little chance of being absorbed in the next five years,” Teitelbaum says. “This is about how do we get those owners some cash flow, while helping fill the needs of the convention center for hotel space. This is one of the things that has held the convention center back from landing larger groups.”
With several office to apartment space conversions in New York under his belt and more recent experience with vacation rentals, Teitelbaum describes the condo-tel process as relatively easy. He says that in most cases it just requires a change to the condominium document rules by either the developer or the condominium association.
If the first fact-finding meeting proves successful, look for other condominium-building owners to follow Corvus' example.
At the same time, the convention center is still working with Corvus to attract a hotel developer to buy a 13-acre property fronting U.S. Business 41 near the convention center.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
