The former Royal Beach Club property at 800 Estero Boulevard is on the market for $35 million. The beachfront property not too far from Times Square is 1.72 acres.
Before Ian there were 3 structures, two buildings with a total of 11 condo units, and one building with 16 timeshare units. There were about 460 timeshare owners at RBC.
In the Summer of 2023 the wheels were in motion to rebuild RBC after the membership voted in favor. Then the reality of how much it would cost set in and it was decided in late 2023 that it just couldn’t be done. 2023 estimates came in at just under $16 million. As many developers have pointed out, as time goes on, construction costs never come down so it’s likely the rebuild cost would have cost much more.
Unfortunately the way the bylaws were written ownership cannot be separated out so, for example, the condo buildings could be rebuilt. Everyone in the ownership group had an equal say and it just became too much money for those on the timeshare side.
The association had a chance to revise their bylaws about 9 years ago which would have separated the two sides out and saved them from this very event if the condo owners wanted to rebuild. However, they chose not to change them. RBC was built around 1981.
