Iconic property clears vote in redevelopment saga

LONGBOAT — The board of directors of the Colony Beach & Tennis Resort Association voted 8-1 to approve a development agreement with Unicorp National Developments.

The agreement, voted on last night, lays the groundwork for a revival of the shuttered Longboat Key landmark, according to the Longboat Observer, sister paper of the Business Observer.

Within the next several weeks, owners will consider the proposal for a 180-room hotel and a 180-unit condominium, which comes with a buyout deal worth $31 million. At least 75% of unit owners will have to approve the agreement for the redevelopment plans to move forward.