Litigation nears resolution

Could the end of litigation surrounding the shuttered iconic hospitality landmark on Longboat Key, The Colony Beach & Tennis Resort, be near?

The Colony Beach & Tennis Resort Association's board was scheduled to hold a telephone meeting March 2 that could lead to that closure. The topic of the call: Negotiating a development agreement with Unicorp National Development that will “end all remaining litigation and finally put us on a firm path to redeveloping the Colony” if unit owners approve it, according to an email association President Jay Yablon sent to Colony unit owners Feb. 26.

Unicorp President Chuck Whittall's offer includes a settlement of litigation between the association, Unicorp and Colony Lender LLC, which owns a 95% interest in a 2.3-acre recreational property at the 237-unit resort.