Hotel, Excess Land Acquired for Condos

BILOXI, MS-A 10-acre parcel here that includes the 179-room Broadwater Tower Hotel has been acquired by a joint venture that plans to convert the hotel into condominiums and then add two additional residential towers to the property.

The new owner, a first-time collaboration between San Antonio, TX-based hotel developer Leddy Ventures Ltd. and Site Realty Inc., a company headed by California businessman Michael Mayer. The seller is President Casinos Inc. A provision of the sale provides for lease back to the seller for an initial term of seven months.

The property, for which the joint venture paid $6.5 million, is presently zoned to permit 300 condominium units. Leddy Ventures senior project manager Stephen Swan tells GlobeSt.com the first phase of the project is to convert the 179 hotel rooms into about 70 condominium units.