Greenberg Traurig Helps Negotiate Agreement for Gulfstream Hotel Development in Lake Worth Beach
Attorneys at global law firm Greenberg Traurig, P.A. helped the city of Lake Worth Beach secure an agreement with a private developer for the renovation and expansion of the historic Gulfstream Hotel, which has sat vacant for 17 years.
WEST PALM BEACH, Fla., Sept. 9, 2022 /PRNewswire-PRWeb/ -- Attorneys at global law firm Greenberg Traurig, P.A. helped the city of Lake Worth Beach secure an agreement with a private developer for the renovation and expansion of the historic Gulfstream Hotel, which has sat vacant for 17 years. The City Commission unanimously approved the agreement Aug. 25, allowing construction and renovation work to begin at the 1.8-acre site in the coming months.
Greenberg Traurig's efforts were led by West Palm Beach Of Counsel Robert Sanders and Shareholder Phillip H. Hutchinson. Sanders and Hutchinson represented Lake Worth Beach in negotiations over a two-month period with St. Louis-based developer Restoration St. Louis.
Built in 1924, the Gulfstream Hotel – listed on the National Register of Historic Places – has been vacant since closing in 2005, with much of the interior now gutted. Under the agreement, Restoration St. Louis plans to restore the hotel with 90 rooms and a restaurant. Plans also call for construction of an annex building with another 50 hotel rooms, 85 luxury apartments, a parking garage, ballroom, rooftop restaurant, and pool.
"This has the potential to be the most transformative project in the history of Lake Worth Beach and a catalyst for future economic development throughout the city," said Hutchinson, a member of the firm's Government Law & Policy Practice. "Located at the foot of the Lake Worth Bridge, the Gulfstream Hotel is the gateway to the beach for many residents and tourists. Its restoration and expansion will be something of which the city can be extremely proud."
Under the agreement, construction of the project must begin by June 30, 2023 and be completed by the end of 2025.
"A restored Gulfstream Hotel represents a significant economic opportunity for Lake Worth Beach, as one impact study estimates the city could see a nearly 700-percent return on its investment as a result of the project," said Sanders, a member of the Government Law & Policy Practice. "Greenberg Traurig is gratified to be part of this important project and to help make it mutually beneficial for both the city and the developer."
Sanders, a former chairman of the West Palm Beach Downtown Development Authority, focuses his practice on governmental, administrative, and real estate matters. Before joining the firm in 2000, he served as a deputy city attorney and as city administrator in the West Palm Beach mayor's office. In that role, he was instrumental in the development of several high-profile projects, including the Palm Beach County Convention Center, the redevelopment of the West Palm Beach Auditorium and baseball stadium site, and CityPlace, now renamed The Square. The West Palm Beach City Commission recently honored Sanders for his many contributions to the city, proclaiming Aug. 22, 2022, as "Robert Sanders Day."
As part of his government relations practice, Hutchinson advocates for his clients' interests while guiding them through local government protocols for real estate and other commercial development activities. He also is involved in pro bono efforts to improve economic development in underprivileged communities, including helping to secure site and land use approvals for the opening of a medical clinic in downtown West Palm Beach.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm reported gross revenue of over $2 Billion for FY has 2021 and is consistently among the top firms on the Am Law 100, Am Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 4.0 Certified Plus by The Diversity Lab and the Center for Resource Solutions Green-e® Energy program certifies that the firm's U.S. offices are 100% powered by renewable energy. The firm is often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.
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Elaine Walker, Greenberg Traurig, P.A., 305-579-0832, [email protected]
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