Hudson Holdings, National Historic Real Estate Property Developer, Commences Historic Gulfstream Hotel Project, Lake Worth, FL

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Having obtained approvals from the City of Lake Worth for the preservation and restoration of the iconic Gulfstream Hotel, Hudson Holdings, a national historic preservation real estate development company clears nearby lots to make way for the $70 million project.

Steve Michael, Steven Michael, Steve Michael Property Developer, Steve Michael Historic Property Developer, Hudson Holdings, Hudson Holdings National Historic Property Developer, Hudson Holdings Development Company, Historic Real Estate Property Developer

Hudson Holdings, National Historic Preservation Real Estate Property Developer, Clears Derelict Buildings to Commence Gulfstream Hotel Preservation Project, City of Lake Worth

“The renovation of the historic Gulfstream Hotel will serve as a catalyst to the revitalization of the downtown business community," says Steven Michael, Co-Founder, Hudson Holdings, a national historic real estate development company.

Palm Beach Court Ruling Clears Way for Historic Gulfstream Hotel Renovation

The District Court of Appeal of the State of Florida, Fourth District, (Case #: 4D16-3084) on Friday, March 31st, 2017 issued an order denying a petition seeking to prevent Hudson Holdings from proceeding with the company’s plans to renovate the six-story historic Gulfstream Hotel building located on the east end of Lake Avenue, overlooking Bryant Park and the Intra-Coastal Waterway.

According to Steven Michael, Co-Founder of Hudson Holdings, a national historic preservation real estate development company located in Delray Beach, Florida, a neighboring city just south of Lake Worth, “this frivolous, nuisance lawsuit caused nearly two years worth of delays, but we believed in the merits of the project and felt it was worth the time and effort to pursue this, we’re glad we did.”

City of Lake Worth Mayor, Pam Triolo: “Gulfstream Hotel Major Catalyst for Downtown”

Also glad that Hudson Holdings chose to persevere is Pam Triolo, Mayor of the City of Lake Worth. “This final decision by the court is a validation that the city must follow a mandate from Tallahassee,” said the Mayor, just hours after the court decision was announced. “We always believed that the restoration of the Gulfstream Hotel would be a major catalyst for the downtown business district, we thank Hudson Holdings for hanging in there and sticking with the project.”

Lake Worth City Commissioner, Scott Maxwell added similar sentiments about Hudson Holdings and the he court’s ruling. “The city is anxious to see this project happen, I couldn’t be happier,” said Maxwell. “The lawsuit was a cloud hanging over the project, we’re glad its resolved, expectations are high for the community and we look forward to its progress.” Mayor Triolo added, “I can’t wait for my friends and family to stay at the renovated Gulfstream Hotel, it’s exciting for the city, the residents and the business community.”

Hudson Holdings, Restores Lake Worth Gulfstream Hotel to Former Glory

“The Gulfstream Hotel is an exquisite building and our intention is to restore this historic structure from its current vacant condition and bring it back to life showcasing the glamour of the 1920’s and 1930’s,” says Steven Michael. Sitting on nearly 2-acres of property, the hotel rests right at the lip of the bridge that leads to Palm Beach’s barrier island. The six-story “grand dame” hotel, with 90 spacious rooms has extraordinary views, with the bulk of them overlooking a community park with amphitheater and the intra-coastal waterway.

“The Gulfstream Hotel, like our other major historic projects, will be restored using, among other financial devices, the Federal Historic Tax Credit,” says Michael, who points out that the restoration complies with the most rigorous standards. The State Historic Preservation Offices and the National Park Service review the rehabilitation work to ensure that renovations comply with the Secretary’s Standards for Rehabilitation.

Gulfstream Hotel – A Roller Coaster History will Make a Come-Back

A testament to “old world” Mediterranean Revival architecture, the Gulfstream Hotel opened for business and the first guests paraded through the grand hotel lobby with uniformed bell-hops at the ready and a squadron of valet attendants poised to help guests on December 9th, 1924. On January 11th, 1983, the Gulfstream Hotel became the city of Lake Worth’s first listing on the National Register of Historic Places. In the ensuing decades, buffeted by whirling economic climates and a roller-coaster of hard times, the building was shuttered. After years of neglect, Steven Michael, co-founder of Hudson Holdings, whose company specializes in historic national renovation projects purchased the building in 2015.

Lake Worth, A Dynamic City, Poised for Explosive Growth

“Lake Worth is a dynamic, multi-cultural city with a strong social and environmental consciousness,” says Michael. “We believe that this project will serve as a catalytic spark for the revival of the downtown district of the city,” says Steven Michael whose company, Hudson Holdings, specializes in the restoration and preservation of historic properties of significance around the country.

Hudson Holdings Removes Derelict Structures, Clears Way for Gulfstream Hotel Renovation

“The demolition of the derelict structures on the neighboring property is the first step in clearing the way for this project,” says Michael. According to Michael, the renovation includes restoring the main building lobby and public areas to its original glory. “Of course, the exterior of the building will be receive a complete restoration, resuscitating the building to its original majesty,” says Michael. The first floor will also feature a wine and spirits tasting room which will open out to the Lake Ave porch. An expanded 1st floor restaurant will serve both hotel guests as well as the community. The restaurant will open up to the East side of the building where patrons will have a direct view of the adjacent park and Intra-coastal waterway. The rooftop will include a stylish sky bar lounge.

Gulfstream Hotel – New Plans, Project Addition, Annex

“We have fantastic new plans not just for the Gulfstream Hotel itself,” says Michael, “but we are creating a beautiful functional new complex that will make for a wonderful visit or convention.” A new addition is planned for the south side of the original hotel structure that will house the kitchen for the expanded restaurant, and support back of house services for the hotel. The second level will be the elevated pool deck and terrace that will connect the Historic Gulfstream Hotel and the New Gulfstream Hotel. “We thought long and hard and careful about every aspect of the design,” says Michael. “This feature will allow patrons of both hotels to access one common terrace and pool. The infinity edge pool will face the ocean, it will be magnificent,” says Michael.

About Hudson Holdings

Hudson Holdings is a mixed-use developer based in Delray Beach, Florida. Our primary focus is the acquisition, development and adaptive reuse of retail, residential, hotel and office properties. Our current slate of projects across the country comprises nearly 5 million square feet of space valued in excess more than $1.2 billion. The majority of Hudson Holding's property portfolio is historic, commercial buildings in strong, downtown markets. Our current projects include ground-up construction, renovation, and adaptive use of residential, retail, office and hospitality assets. Hudson Holdings uses various methods to increase asset value including adaptive use, ground up construction, repositioning and rehabilitation. The company’s developmental strategy also utilizes tax credits such as Historic, Brownfield, New Market, and TIFs.

Hudson Holdings Website: http://www.HudsonHoldings.com
Media Contact: Jeff Mustard | http://www.TheBambooAgency.com | 954-801-8263 | jeff(at)thebambooagency(dot)com

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Jeff Mustard

Jeff Mustard