Former Inverrary Vacation Resort could be converted into apartments as tourism slump continues
The Estate Cos. wants to convert the former Inverrary Vacation Resort in Lauderhill into an apartment complex.
The property at 3501 Inverrary Blvd. has a storied history as a hotel and ballroom. It once hosted an exclusive tennis club made famous by entertainer Jackie Gleason. A PGA tour event was held there from 1972 to 1980.
The City Commission will consider a development agreement for the hotel March 8 to convert it into apartments. The 212-room hotel is owned by Cuidad De Neustros Angels I LLC, managed by Luis Navas in Toronto, but the apartment conversion would be performed by Miami-based Estate Cos., a veteran multifamily developer.
Navas' company acquired the property for $12.3 million via bankruptcy auction in 2017 and renamed it the Chateau Mar Golf Resort. However, the Covid-19 pandemic has made business difficult for many hotels, especially those that focused on hosting events.
"We plan on infusing significant amount of capital, not only into the units, but also to really enhance the physical appearance of the building inside and out," said Jeffrey Ardizon, a principal of the Estate Cos. "Like all of our communities, the project will have an emphasis on quality lifestyle that promotes a sense of community, health and fitness offering array of first-class amenities."
It would be called Alture Inverrary, he added.
Under the proposal, each of the 212 hotel rooms would be converted into apartments, with kitchens installed. A portion of the conference space would be demolished to construct eight one-bedroom units.
The site plan shows a pool, a game room, a lounge, a fitness center, a yoga room, and a coworking room.
The proposed development agreement states that 90% of the leases must be for at least 12 months. The developer may not rent to tenants who had a felony conviction for a violent crime or crime of a sexual nature or drug dealing within 10 years. It also can’t lease to tenants with a credit score below 650, unless their gross annual income is at least 2.5 times the rent.
The Estate Cos. has a similar strategy in Hialeah, where it’s converting a shuttered hotel into apartments. Until tourism bounces back, apartment developers could find opportunities at many hotels.
Written by: Brian Bandell | South Florida Business Journal