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GlobeSt.com UPDATE: Belleview Biltmore Deal Is Off the Table

BELLAIRE, FL-Insisting on secrecy without any public discussion, Pennsylvania real estate investor Scott Urdang, majority owner of the 107-year-old, 244-room, 22-acre property on Florida's west coast, tentatively scotches the proposed sale of the historic property to Belleare Redevelopment Group, brokers intimate with the deal tell GlobeSt.com.

By Alex Finkelstein | Updated on January 14, 2005

BELLAIRE, FL-A speculated $15-million deal for one of Florida’s few remaining historic hotel properties is dead today after the majority owner of the 107-year-old, 244-room, 22-acre Belleview Biltmore Resort & Spa on Florida’s west coast declined to discuss the proposed transaction with local elected officials, area brokers intimate with the deal tell GlobeSt.com.

Scott Urdang, a Pennsylvania real estate investor, called off the deal after finding out the potential buyers, Belleare Redevelopment Group, planned to submit preliminary development plans to the city. As a result of Urdang canceling the deal, the developers didn’t submit the plans to the town–plans that supposedly included converting all or a portion of the resort into expensive Gulf of Mexico-facing condominiums, brokers tell GlobeSt.com.

Belleare Redevelopment Group had a contract in November 2004 to buy the resort, a 136-acre golf course south of the resort and a one-acre Sand Key, FL beach club, as GlobeSt.com previously reported.

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