Coral Reef Developer Outlines Plans

More than 100 people attended a meeting to hear developer Robert Fleeting describe the proposed $60 million, 248-unit, 12-story twin-tower hotel. Many questions were raised including positioning of the new buildings, public beach access, and when construction would start. Another question was will it be a hotel, condotel, or timeshare? That will depend on the the hotelier chosen for the project.
City approval, hotelier agreement, and financing could take up to 10 months Once that is accomplished construction would start within weeks. Fleeting must wait 30 days from last week’s meeting to seek formal site plan approval, but he has already submitted a preliminary site plan.
The old Coral Reef Hotel has been closed since 2004. Two timeshare buildings are open and will be included in a revised site plan to be submitted to the city. Timeshare owners have agreed to be included in the revised site plan.

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.

Coral Reef Resort on St Pete Beach Sells For $7.3 Million

The Coral Reef Hotel on St. Pete Beach has been sold for $7.3 million to Coral Reef Partners LLC. In addition to the hotel, buyers also purchased the lease on Bongo’s, the hotel’s beach bar/restaurant, for $1 million. The 60-room facility will continue to operate as the Coral Reef Beach Hotel, renovations are underway to redevelop the property as a resort hotel. There are also 2 timeshare buildings on the property that were not part of the sale.