Coconut Point Marina – WCI offers it up for sale? Suddenly – out of the Blue?

This is very exciting yet caution is needed when no price is mentioned, the deal is offered with a “conditional” contract, there is another “interested” party, and closing in mid-December is desired.  (what are the conditions?, what is the asking price?, and why a closing on a complicated and highly encumbered parcel of land in such a short amount of time?)

From the PLCA Board in a blast email dated September 27, 2012

Dear Resident,

As you know, over the years there have been discussions about the Coconut Point Marina and PLCA gaining ownership of this property.

WCI, owner of the Coconut Point Marina, approached the PLCA Board recently to see if PLCA is interested in purchasing the property. There could be other interested buyers, but WCI approached us first.

The property contains the docks on Estero Bay, the road west of the Weeks driveway, the launching ramp, the areas used by the Sailing Amenity, the Marina office, and staff parking. We would be able to purchase this property with monies from our capital account, with no additional assessments needed.

A Special Meeting of the Board is called for Wednesday, October 3 @ 6:30pm in the Community Center.

We will describe the property and the pros and cons of purchase, and PLCA attorney Tom Hart will discuss the proposed conditional contract. There will be an open forum for resident input. John Ferry of WCI will be present to answer questions.

The Board will vote on whether or not to proceed with a conditional purchase. If we agree to a conditional contract, that would initiate a period of due diligence during which we would secure appraisals, insurance estimates, financial reviews, structural inspections, and the like. Once due diligence is completed, the findings would be reviewed at another Special Board Meeting, in early December. It is at that December Meeting, when all the facts are at hand, that the decision would be made whether or not to purchase the property.

WCI wants a closing in mid-December by us or another party who is interested in purchasing the property.

4 thoughts on “Coconut Point Marina – WCI offers it up for sale? Suddenly – out of the Blue?

  1. It would be most helpful for the meeting to be recorded and available on the PLCA website as well as the Pelican Landing cable tv channel for those of us who cannot be on site.
    Anne Cramer

  2. The PLCa Board should wait until more residents are here before holding such an important meeting. They should buy the marina, forget the beach renourishing project (since the beach has returned, as beaches will) and charge the Hyatt enough rent for the use of the marina to cover the costs of the purcase mortgage. BTW, have they explained why they lost their insurace, how much the Board has cost us in lawsuit judgements against PLCA, and why are the same employees who cost us so much money are still employed?

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