More than 100 Briny Breezes shareholders attended in person – and another 75 joined via zoom – as the Briny Breezes corporate board on April 19 discussed and later rejected an unsolicited offer to purchase the entire community. Staff photo
Staff report
The town of Briny Breezes’ corporate board today unanimously rejected a South Florida developer’s $502.4 million offer to purchase the tiny seaside town.
The developer was not identified during the emotional 75-minute morning board meeting April 19, attended by more than 100 residents at the Briny Breezes Community Center and another 75 people on Zoom, but sources told The Coastal Star the offer came from The Kolter Group.
Board members said the offer was “unattractive” because it was too low and had too many unfavorable tax consequences, but perhaps most important, a majority of shareholders are not interested in selling their patch of paradise.
“I think the public needs to realize that this offer is ridiculous and the more that gets out into the public, maybe we'll get a billion-dollar offer,’’ said Board member Cindy Holbrook.
Many of the 30 or so shareholders who spoke at the meeting expressed disappointment that the board was even considering the offer, pointing out that a majority of shareholders in February said they had no interest in selling the town.
Board members acknowledged that point, but said the board nonetheless had an obligation to bring it to the shareholders at the meeting.
“I don't believe any of us thinks this deal is a good deal for any of us,’’ Board member Holly Reitnauer said. “But we are just telling you guys to let you know that we got this offer, and that's all there is to it. Period. Case closed. It does not mean we are selling Briny.’’
Briny Breezes, one of the last seaside mobile home communities in Florida, has courted offers from developers since at least 2006.
The town faces many climate-change challenges because it’s located between the Atlantic Ocean and Intracoastal Waterway.
The town, which already experiences chronic flooding on the Intracoastal side during storms, is planning for millions of dollars in resiliency improvements to protect it from future sea level rise.
But some residents, who worry if those improvements will be enough, wonder if the town’s days are numbered regardless of whether its sea walls, roads and homes are raised.
A letter from corporate officials to shareholders on April 11 said an Ocean Ridge man representing a large developer recently expressed interest in buying the town’s marina.
While some shareholders said it may make sense to put Briny Breezes on the market to see what kind of offers might come in, many others said there is no pricetag for their special town.
“The big question of the day really is, what is your cost for paradise?’’ asked resident Chuck Swift. “Without question Briny Breezes is unduplicable. There is only one on the entire planet that has everything: the beach, a clubhouse, a marina, a lifestyle that millionaires – our neighbors – are paying multi-, multi-, multi-millions for their residences. We've got it right here in Briny.’’
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