Longboat Key Club Announces $500 Million Expansion

Owners of The Longboat Key Club and Resort announced yesterday that they have plans to invest $500 million into an expansion of its current facilities, including an 18-hole golf course designed by world-renowned Rees Jones. The addition of 222 new hotel rooms, 261 new condominium residences, luxury waterfront villa residences, a wellness center and a country club complex enhance the resort's luxury appeal and potential for a five-star rating.
The mixed-use resort will showcase the modern designs inspired by Sarasota School of Architecture and more native trees, preserving Longboat Club Road's live oaks, will enhance the property's natural beauty.
According to economist Hank Fishkind, the development plan contains serious economic ramifications for the community, including an estimated 600 jobs, an increase of $60 million expected in total impact to Longboat Key per year, a 7-12% home value market appreciation and a cumulative net of $1.4M operating surplus for the Town of Longboat Key and $24 million in fiscal surplus. “The upside of the project to homeowner values is one of the considerations,” says Longboat Key Club general manager Michael Welly. “Our neighbors will benefit from that. If we don’t do a project and the club continues to mature, at some point property values start to go down.” The four phase project aims for a completion date around 2014.