Jack Healan, president of Amelia Island Co., told the Jacksonville Business Journal in an article published this week that Redquartz was "unable to fund the partnership transaction within Amelia's required time frame," forcing termination of the agreement.
Redquartz Atlanta, an affilate of Dublin-based Redquartz Developments Ltd., had plans for millions worth of improvements to Amelia Island over the next five to 10 years, including expanding its conference center and building an additional hotel. Discussions between Redquartz and the family of longtime resort owner Richard Cooper had been under way prior to Cooper's death at age 82 in December 2008.
"The Amelia Island Co. regrets that the partnership with Redquartz could not be completed," Healan stated. "We were looking forward to working with them to realize our vision for Amelia Island Plantation. We wish them the best of luck in the future."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
