Joe CapozziCopperline Partners, Jack Nicklaus, Hyatt, Stiles Construction and Fortress team up on $355 million pitch to city.
What’s a city to do when mega-developers drop an unsolicited bid to redevelop the city’s beach and golf course in one massive $355 million sweep?
If you’re Lake Worth Beach, and you have no rules for handling unsolicited bids, you have to look closely at the city charter, which has protections wary residents pushed to make sure the beach can’t be turned over for commercial use without a referendum.
Catch up quick: A private investment group led by Copperline Partners and golf legend Jack Nicklaus wants to build two Hyatt hotels, one on the ocean and one near the city golf course; redesign the golf course; and replace the closed beachfront city pool with one in a mainland city park.
- Copperline’s partners also include Fortress Investment and Stiles Construction.
- They value the projects at $355 million.
The proposal came to light publicly on Jan. 21, when city commissioners discussed it, just five days after it arrived.
Based on their initial review, city officials said, the proposal could trigger at least five charter changes, each requiring voter approval.
For example: The proposal mentions “a mixture of land lease terms with different lengths and optional renewal periods,’’ but does not offer details. Any lease of city land east of A1A for 30 years or more must go before voters, as required by the city charter.
For details of the proposal, check out the full story at ByJoeCapozzi.com.
