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Unicorp pays $22 million for Colony Lender assets

Unicorp’s Chuck Whittall at the Colony site.

STEVE REID
Editor & Publisher
sreid@lbknews.com

Unicorp closed on its contract to buy Colony Lender’s assets last Thursday for a reported $22 million.

Unicorp’s President Chuck Whittall held a press conference at the shuttered resort on Thursday to announce the purchase, the acceptance of the development agreement by the Colony Board of Directors, as well as the forthcoming demolition of the properties his company now controls.

The assets Unicorp bought include 2.3 acres of 17.3-acre resort property. Along with the physical land, the purchase includes the common elements such as the spa, recreational building, tennis courts, front office and maintenance buildings as well as the pool and restaurant. Whittall said that he expects his demolition permits to be in hand next week and the work will commence immediately.

Unicorp bought the assets from Colony Lender, which acquired them as collateral from Bank of America on a loan originally made to Klauber. Unicorp had an option for more than a year on the assets and the closing on Thursday marks a step according to Whittall that is fundamental to his initiative to redevelop the resort.

“The purchase ends a lot of speculation about our intent and demonstrates our commitment and investment,” said Whittall.

The day prior, last Wednesday, the Colony Board of Directors approved the final redevelopment agreement made by Unicorp that will go out to unit owners for a vote in the coming days. The board approved the plan with a 8-1 vote. The proposal seeks to redevelop the site into a mix of condominiums and tourism units with shared amenities. The agreement spells out how much each current unit owner will be compensated.

Unit owners will have about two months to decide and cast a vote on Unicorp’s proposal. It will take 75 percent or greater approval for the plan to move forward.

Whittall said that the Colony when redeveloped will have a 5-star resort with 180 hotel rooms, 67 timeshare units and 180 luxury condos. The project will break ground in two years and open in 2020 plans Whittall.

 

Unicorp sells assets

Unicorp also announced it sold eight properties in a $33.1 million portfolio sale to Crow Holdings Capital Real Estate, and will use some of the proceeds to fund the Longboat Key development.

Unicorp’s eight properties sold include:

• Metro Plaza, Metro Pointe, and Metro Crossings in Orlando

• Winter Park Terrace, Village Shoppes of Winter Park, and WPT Outparcel in Winter Park

• Brandon Commons and Lake Brandon Shoppes in Brandon

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1 Response for “Unicorp pays $22 million for Colony Lender assets”

  1. Judy Goldstein says:

    Finally! Up until now the rats and other rodents have been the sole ‘guests’ at what once was a lovely destination vacation place on LBK. Those wonderful Sunday brunches and the gorgeous view of the Gulf from the dining room were sorely missed, not to mention the tennis. We all hope that something beautiful and worthwhile will grace the gulf side property once again. It’s been far too long in coming.

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