Sept. 07–Large-scale redevelopment plans are back on the table at the Florida Keys Country Club.
The Marathon golf and tennis club’s 49 certificated members unanimously approved a plan on Aug. 22 to sell the property to a group headed by Marathon Finance Director Peter Rosasco and Keys developer Marvin Rappaport.
Suffering from a severe decline in membership in recent years, the club’s board of directors flirted with a similar group headed up by Miami-based developer Roger Masters in 2010.
Masters is now developing a planned Marriott hotel in Old Town Marathon; the same site Rosasco once planned for a Hampton Inn before selling the parcel along with other properties.
Rosasco was adamant that plans are preliminary, but said the hope is to build a “small boutique hotel of 60-65 rooms,” along with 13 “vacation club cottages.”
“That’s it, and all of that is going to go exactly in the existing footprint of the clubhouse and behind the tennis courts,” Rosasco said, referring to equipment storage space near the courts.
“We’re also talking about improving the golf course itself. Right now our budget has up to $200,000 per hole,” he added. “We’re going to have to spend some money to make that course what it should be.”
Plans call for a new clubhouse to be built where the current tennis courts and storage space is, while the hotel would be built where the current clubhouse is. That building would be torn down.
Robert Belcaster, chairman of the club’s board of directors, said “age and the recession” made it past time for a change at the club.
“We wanted to be sure [the club] is an asset for the city. In the past we had 280 members and it was a very active place,” he said.
In addition to 49 “certificated owners,” Belcaster said the club has 26 club members and approximately 175 “player card members” that pay an annual fee for the card and a per round fee.
“But when it comes time to upgrade the club you can’t look to those members, you have to look to the owners,” he said.
In addition to Rappaport, who owns the former Crystal Cove Resort in Marathon, Rosasco has added a number of experienced people to his team.
That includes hotel partner Bill Meyer, whose company operates hotels in 10 states, and Carl Berry of Star Resort Group. His company would handle the vacation club cottages.
Rosasco said New York City-based Newmark, Grubb, Knight and Frank would provide financing for the project. The group has just begun its 60-day due diligence period.
Rosasco said the club would continue to operate “just as they are” through next year’s tourist season.
“May 1, 2014, we’d like to start construction. What we’ll try right away is to improve the golf course, relocate tennis courts and build the new club so by 2015 season the recreational amenities are in place while we build the hotel and cottages,” Rosasco said.
The hope is to see the hotel open by fall 2015 after a 12- to 15-month build out.
