Tidemark going to parliament
Parliament Group Inc., a Dallas-based real estate development company, has joined the Tidemark hotel and condominium project as a partner, Parliament's president Robert Crews Jr. said last week.
"The documents are being signed today," Crews said Oct. 15.
Tidemark managing partner Nick Easterling said the deal with Parliament still hasn't officialy closed, but lawyers on both sides are just "tidying up three years of paperwork."
"But these guys are moving pretty fast and it should be closed officially by the end of this week," he said.
"If things go smoothly, we could start construction of the marina in November and move forward in January with building construction."
Easterling added that there might be a name change involved of the company that actually owns the property, but the project will still be called Tidemark.
Once units are again put on the market for sale, they will be priced from $550,000 and up, he added.
"The value of the units has gone up, as has the entire market," Easterling noted. "There are no more units selling for $450,000" as was advertised when Tidemark first began taking reservations. The price of units already reserved by prospective buyers are unaffected by the increase, he said.
While Crews did not disclose any terms, Parliament is expected to provide the cash infusion needed to settle a number of financial issues for Tidemark Partners LLC, including a mortgage foreclosure lawsuit of $1.45 million brought by Regions Bank of Florida, holders of the first mortgage on the Holmes Beach property.
Crews and Parliament, however, have more to deal with than just Regions Bank.
Brasota Mortgage Company, named as a defendant in the Regions Bank foreclosure, filed its own lawsuit against Tidemark two weeks ago for $1.7 million.
In addition, Porter Constructors Co. of Sarasota filed a lawsuit against Tidemark on Oct. 8 for $35,000, claiming it is owed the money for site work.
Regions Bank attorney Scott Cichon confirmed Parliament lawyers contacted him recently about a settlement, but he's heard nothing further on the issue.
What's unclear is the role Easterling, Tidemark's developer, will play in the revamped organization, although Easterling said Crews has made it clear he will "still be on the job."
Easterling said Tidemark has reservations for 17 of the 40 units at the property and those documents will have to be rewritten and resigned by all parties to show the addition of Parliament, an indication Parliament may now be the majority owner.
The 40-unit Tidemark hotel-condominium-marina is to be located at the site of the former Pete Reynard's/Marina Bay Restaurant on Marina Drive.
Tidemark received its construction approval from the Holmes Beach City Commission in August 2001, and has a Florida Department of Environmental Protection permit to dredge part of the inlet and move a seawall to allow for deep-draft boats to enter the marina.