PSL's Riverwalk South closing moves forward

By CHRIS YOUNG (Scripps)
Despite some city officials' skepticism, the developer of the proposed hotel at Riverwalk South says the company will close on its land purchase.

Richard Mielbye, senior vice president of development for Innkeepers USA, wrote to the city that a revised planning document should be delivered today, putting it on track for review by the City Council early next year.

The site plan for the hotel, a seven-story Embassy Suites by Hilton, still would take at least through mid-2007 to be approved, Mielbye said.

Officials questioned the project's viability due to a disagreement between the city and Innkeepers USA plus another developer on how they would pay for road improvements through a special taxing arrangement called a SAD.

Councilman Jack Kelly is particularly riled about the timing. Kelly said when the city signed the contract to sell 9.75 acres near the St. Lucie River to Innkeepers USA in April, officials expected the sale to close by September.

"A deal was a deal," Kelly said. "They had no right to delay (the land purchase) for the SAD."
Mielbye said the land purchase could be speeded up if the city allowed it to submit multiple planning documents at the same time, which normally isn't allowed.

Innkeepers will close on the $4 million property after the city signs off on its site plan and other planning documents, he said.

Kelly scheduled a discussion to let Innkeepers expedite their plan submissions at the Nov. 6 City Council meeting.

"If the City Council approves it, there will be no more roadblocks to them closing on the property," he said. "That way they have to make a decision."

The City Council decided last week to scrap the special taxing arrangement with both developers and instead borrow $1.1 million to make sure intersection modifications at Port St. Lucie Boulevard and Westmoreland will continue as planned.

Innkeepers plans to build a 1,800-foot-long boardwalk to connect to the existing boardwalk north of Port St. Lucie Boulevard, scheduled a year after the hotel approval, Mielbye added.
The property will also have a 6,500-square-foot restaurant and some retail shops, with condos to be built in the future.