NEWS - Holiday Isle, Islamorada

[ricki]

I understand that the deal to purchase and redevelop Holiday Isle DID NOT go through. There are no current plans to close or tear down anything at this time that I have heard about.

[ricki]

Nothing lasts forever, sad to say. It sure has been a lot of fun!



http://www.sun-sentinel.com/business...ostemailedlink
Embattled Ceebraid buys Holiday Isle resort, plans to build condo hotel


By Paul Owers
South Florida Sun-Sentinel

April 25, 2006


A West Palm Beach developer struggling financially to finish two condominium projects is taking on yet another.

Ceebraid-Signal Corp. last week paid $98.25 million for the Holiday Isle resort in Islamorada, real estate agents for the seller said Monday. It plans to demolish the 12-acre property where the first Rum Runner was served and replace it with a luxury condo hotel.

An affiliate of Ceebraid filed for Chapter 11 bankruptcy reorganization in February in a strategic move to ensure that it wouldn't lose the Holiday Isle sales contract before the company arranged financing. U.S. Bankruptcy Judge Paul Hyman gave Ceebraid until the end of this week to complete the deal.

Ceebraid was one of 23 bidders for the 151-room oceanfront resort on U.S. 1, but its offer wasn't even the highest, said Robert Taylor, senior vice president for CB Richard Ellis, which advised the seller, Celentano Properties of Deerfield Beach.

Ceebraid met with Celentano last year and showed that it was best-suited to buy and redevelop Holiday Isle because it has the necessary experience, Taylor said.

"They're local, and they're familiar with condo hotels," he said.

But some people disagree, pointing to the uncertain futures at two other Ceebraid projects.

Work has been stopped for months at Eden, an apartment-to-condominium conversion in Boca Raton. The city says it might consider demolishing Eden and starting over if Ceebraid doesn't move more quickly.

In addition, the Palm Beach Town Council said it plans to impose $2,000-a-day fines if Ceebraid doesn't finish converting the landmark Brazilian Court into a condo hotel by September. The company is facing liens and lawsuits.

Adam Schlesinger, a Ceebraid executive, has said the company will resolve the legal issues and insisted it soon will resume building at Eden after refinancing the construction loan.

Jackie Badome, a Boca Raton real estate agent who is buying a condo at Eden, said she's "furious" that Ceebraid is going after other deals without first completing Eden and Brazilian Court.

"How can you go into something new when you don't have the money to finish something old?" she said. "Their attention isn't even on [Eden] anymore. It keeps getting worse."

Boca Raton officials continue to meet to discuss Eden, but no decisions have been made, said Jorge Camejo, development services director for Boca's Community Redevelopment Agency. Camejo declined to address Ceebraid's deal for Holiday Isle.

"We're focused on our little segment of paradise, and that's Eden," he said.

Schlesinger declined to comment Monday, referring questions to a publicist, who could not be reached.

Ceebraid, which also is planning redevelopments at the Palm Beach Hilton and the GulfStream Hotel in Lake Worth, probably will sell Holiday Isle condos for about $1.5 million, Taylor, the CB Richard Ellis executive, said. Market conditions look promising, so "I would think it's bullet-proof for investors," he said.

Development restrictions are creating huge demand for existing properties in the Florida Keys. Aside from the hotel rooms, Holiday Isle now consists of 10 buildings for shops and restaurants, a gas station/convenience store and a 57-slip marina.

Paul Owers can be reached at powers@sun-sentinel.com or at 561-243-6529.

Copyright © 2006, South Florida Sun-Sentinel

[BigR]

For $1.5M a Unit, WoW!

You can be sure that security will be tight on not allowing people in