Coral Reef Resort Could Be Redeveloped

There will be a public meeting at 7:30 p.m. Thursday at Warren Webster Community Center, 1500 Pass-a-Grille Way.

The developer, Coral Reef Partners LLC wants to demolish the 45 year old hotel and replace it with a $60 million timeshare or hotel. Plans include a new 12 story building – 10 floors of condos over 2 floors of parking garage. 248 2 bedroom 2 bath units will be approximately 1,000 sf each. Ammenities will include, restaurant, bar, workout center, and meeting space. The 4.28-acre complex, including the existing Coral Reef Resort timeshare buildings, will have three pools and four spas.

The hotel was purchased in 2004 and subsequently condemned for safety reasons. The timeshare buildings on the property are separately owned and remain open, and are considered part of the hotel site plan for zoning and building regulation purposes.

Several development contracts with a major hoteliers have been signed over the years, but never came to pass because of the city’s changing development rules. New regulations were approved last year and officially went into effect this month.