Focus changes, work begins on major Southwest Florida resort development

Focus changes, work begins on major Southwest Florida resort development

CHARLOTTE COUNTY — Work on site preparation and infrastructure has started on a character-changing Southwest Florida development on Charlotte Harbor, but the focus has changed, as Allegiant Travel Company will concentrate on developing its 25-acre Sunseeker property — spanning both sides of U.S. 41 in Port Charlotte — as a resort hotel, placing potential condominium sales on the back burner.

Company officials broke the news of that development shift during a mid-September presentation to a variety of investors, including representatives from Goldman Sachs Group Inc. and Barclays Bank.

Micah Richins, executive vice president and chief operating officer of Sunseeker Resorts for Allegiant Travel Company, said Friday that the company made the change after conducting due diligence on the market.

“In reality, as conditions change, as markets change, that’s what good stewards of capital do,” said Richins, who joined Allegiant from MGM Resorts International last spring.

In August 2017, Allegiant announced plans to build 720 condominiums and a smaller 75-room hotel as part of a master-planned resort.

Source: Herald Tribune

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