Developer Still Hopes To Buy Lakewood Ranch Golf Course in Florida
A company that had a $76 million resort and spa project here collapse earlier this year still has plans to become part of the community, even as it sues the developer of Lakewood Ranch.
Primestar, a subsidiary of developer S.S. Appel & Co., hopes to close on a $12.5 million deal this month to buy Legacy Golf Club at Lakewood Ranch from current owner Troon Golf Courses.
"We're still in negotiations with getting that accomplished," lawyer Keith Hanenian said.
Primestar, which wanted to develop the Sonesta Legacy Resort project at the Legacy site, said in a lawsuit filed earlier this month against Schroeder-Manatee Ranch that SMR broke a promise to support the project.
In the lawsuit, Primestar claims to have spent $2 million on the stalled project and stands to lose $120 million if the resort never gets built. The lawsuit seeks monetary damages.
Even with the lawsuit, SMR will cooperate in the interest of the community with Primestar if it buys the golf course, said Dan Perka, an SMR senior vice president.
Nevertheless, Primestar shouldn't buy the golf course with the idea that the Sonesta project will be approved, Perka said, because it will be "impossible" for the project to go through without SMR's support.
"But if they just want to buy it as a golf course and operate it as a Florida golf course, it's fine with us," Perka said.
Still, Primestar has faith that the Sonesta project will succeed, Hanenian said.
"We think it's an excellent project," he said.
Primestar needs SMR to change a deed restriction that SMR controls to build Sonesta, but Primestar needs nothing from SMR to buy the Florida golf course.
If the acquisition takes place, Hanenian said, Primestar hasn't decided if it will keep the course public, a concern that has been on Lakewood Ranch residents' minds. The course has been public since it opened in 1997.
A community taxing district, which oversees the area that includes the golf course, signed an agreement with Primestar in July with details about course rates if it did turn private. That agreement -- based on the assumption that the Sonesta project would proceed -- is now worthless.
Primestar, a subsidiary of developer S.S. Appel & Co., hopes to close on a $12.5 million deal this month to buy Legacy Golf Club at Lakewood Ranch from current owner Troon Golf Courses.
"We're still in negotiations with getting that accomplished," lawyer Keith Hanenian said.
Primestar, which wanted to develop the Sonesta Legacy Resort project at the Legacy site, said in a lawsuit filed earlier this month against Schroeder-Manatee Ranch that SMR broke a promise to support the project.
In the lawsuit, Primestar claims to have spent $2 million on the stalled project and stands to lose $120 million if the resort never gets built. The lawsuit seeks monetary damages.
Even with the lawsuit, SMR will cooperate in the interest of the community with Primestar if it buys the golf course, said Dan Perka, an SMR senior vice president.
Nevertheless, Primestar shouldn't buy the golf course with the idea that the Sonesta project will be approved, Perka said, because it will be "impossible" for the project to go through without SMR's support.
"But if they just want to buy it as a golf course and operate it as a Florida golf course, it's fine with us," Perka said.
Still, Primestar has faith that the Sonesta project will succeed, Hanenian said.
"We think it's an excellent project," he said.
Primestar needs SMR to change a deed restriction that SMR controls to build Sonesta, but Primestar needs nothing from SMR to buy the Florida golf course.
If the acquisition takes place, Hanenian said, Primestar hasn't decided if it will keep the course public, a concern that has been on Lakewood Ranch residents' minds. The course has been public since it opened in 1997.
A community taxing district, which oversees the area that includes the golf course, signed an agreement with Primestar in July with details about course rates if it did turn private. That agreement -- based on the assumption that the Sonesta project would proceed -- is now worthless.
posted by John at
3:21 PM
0 Comments:
Post a Comment
<< Home