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Commissioners Await Financing Before Giving Go-Ahead to Yacht Club Project

By C&RB Staff | August 31, 2022

Lighthouse Point Yacht Club in Lighthouse Point, Fla.

Lighthouse Point, Fla. commissioners say they will not sign a developer’s agreement with the owner of the Lighthouse Point Yacht Club owner until his financing is secured. When demolition of the old clubhouse starts, Paterson Projects President Terry Paterson says he wants to build a 43,000 sq. ft. clubhouse, 22 luxury townhomes and make major upgrades to other amenities on the site. Paterson told commissioners last week that he was negotiating a $50 million loan that will close in two weeks. Mayor Kyle Van Buskirk says, “When he shows us that loan, I will hand him the permits.”

The long-sought developer’s agreement with the owner of the Lighthouse Point Yacht Club in Lighthouse Point, Fla. remains unsigned and is holding up construction on the 12-acre site, The New Pelican reported.

Last week, commissioners heard from Paterson Projects President Terry Paterson that he was negotiating a $50 million loan that will close in two weeks, The New Pelican reported. Until his financing is secured, commissioners have said the city will not sign the agreement which has been passed around among the planning and zoning board, the city commission and Paterson for the last three years.

One sticking point is the 27-month time frame Paterson has to complete the redevelopment of the property, which goes into effect when demolition of the old clubhouse begins, The New Pelican reported. Paterson intends to build a 43,000 sq. ft. clubhouse, 22 luxury townhomes and make major upgrades to other amenities on the site. He purchased it in July 2017 for $16 million.

But Paterson did obtain a permit early in August to build a concrete wall on the Northeast 27 Court border of his property and construction has begun, The New Pelican reported. Commissioner Mike Long questioned the permit, saying, “I thought no permits until we had all the signatures [on the developer’s agreement].”

Mayor Kyle Van Buskirk, who signs such permits, said he did so because “it is in the best interest of the neighbors, club members and residents to build the wall. We had an almost signed agreement at the time, and then there were changes, but seemed the thing to do. My goal is to do the best for the city.”

To which Long responded, “Nice. But did you overstep the boundaries?”

Paterson’s original loan went into default in April, The New Pelican reported.

Commission President Jason Joffe raised concerns about Paterson’s financial state. “He’s sitting on a foreclosure . . . I question the future of the club,” Joffe said. “We could have a financial liability.”

Paterson stated, “The new lender is ready to close. My attorney is working on it. I got a better deal. I am very happy about it.”

Also at issue is the asbestos abatement at the clubhouse that began in August, closing the facility to its members, The New Pelican reported. Paterson started the work without a permit and the city’s building official has shut down the project.

An outdoor area has been set up to serve beverages, food trucks are on site and Paterson has some employees in the building, The New Pelican reported.

He has also obtained temporary permits to do repairs on the club, to install a tent and to tear up some pavement and two tennis courts.

The asbestos removal proved to be a bigger job than anticipated, Paterson said. “I pleaded to let me demo it . . . It was unsafe and the A/C is failing.”

At the meeting, Long continued to accuse Paterson of violating the developer’s agreement and the mayor said he would not sign the agreement until “Terry says his financial problems are behind him.” But he added “in the end, the decision has to be what is best for the residents. When he shows us that loan, I will hand him the permits.”

At this point, all work on the property has ceased until Paterson proves his financial viability.

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PROPOSED SITE PLAN

YACHT CLUB RESIDENTIAL DEVELOPMENT

We are presenting three-story state-of-the-art luxury townhomes within the exclusive Yacht Club community of Lighthouse Point. WE ARE ALMOST SOLD OUT! So, make your reservation now! We anticipate breaking by the end of the year. The proposed townhomes are priced at $3M and $4M and are based on the square footage and location of available townhomes.

All Townhomes will have

3 or 4 Bedrooms | All with Large Walk-In Closets | Master Bedroom Closet In Burgee Residences Are 10.5FT x 13Ft | Master Bedroom Closet In Anchor Residences Are 16.7FT x 11.5Ft
4.5 Bathrooms
Full-Size Laundry Room
3,600+/- To 4,700+/- Square Feet of Air-Conditioned Space
Over-Sized Two-Car Garage
Well-Appointed Kitchen | Ground Floor | Sub-Zero/Miele State-Of-The-Art Appliances
Living Room | Ground Floor
Optional 3rd Floor Second Living Room Off of Large Covered Patio
Dining Room | Ground Floor
Private Garden Area
Elevator To All Three Floors + a Floating Staircase with Glass Railings
Low HOA Fees, Which Include Membership to Lighthouse Point Yacht Club
Located Within the Community of Lighthouse Point Yacht Club, Townhome Residents Will Have Access to All Club Amenities

Please contact Erika Axani for inquiries at [email protected] .

The City of Lighthouse Point

Lighthouse Point is a small, albeit unique, and extraordinary city. Offering a prime location for a yacht club, to live and raise a family, retire, start a business, and own waterfront property close to Hillsboro Inlet and Boca Lake. The future clubhouse of LHPYC is a well-deserved epicenter for luxury living and a gathering place of which the city, residents, members, and the community at large can be proud.

When the Lighthouse Point Yacht Club was built in 1961, it was the jewel of Lighthouse Point. Over the years, this jewel became weathered and worn, literally and figuratively, to the point where it could not be restored to its original glory with a simple spit and shine. Therefore, it is necessary to build a new clubhouse. A clubhouse that will catapult Lighthouse Point real estate to be comparable in value to neighborhoods such as Las Olas Isles, Rio Vista, and Royal Palm.

The clubhouse will be sustainable through the better part of the next century and one that doesn’t quiver against the threat of hurricane-force winds. In addition, the clubhouse will house a Member-Only Club that supports the notion that the City of Lighthouse Point is the preferred place to live. So, if you desire a lifestyle that boasts the amenities of a larger city but with the feeling of a small town, then without a doubt, Lighthouse Point is the city to call home!

The Lighthouse Point Yacht Club

Our mission is to provide exceptional social and recreational experiences to our members and guests. We are a private member club located in the heart of Lighthouse Point and are proud to serve the community and our members. The club consists of 1200 members between the ages of 35 and 60. Here you will find families, singles, and the semi-retired who all share a common interest in boating, travel, and socializing. Most of our members live in Florida year-round, though we do have a notable number of snowbirds. Through the redevelopment phases, Lighthouse Point Yacht Club will continuously host events for our members and guests. From children’s activities to dock hops, our members are sure to find something to enjoy. Membership also offers incredible travel experiences, whether by land or sea. All trips are carefully planned by our travel and cruise committees. With so much to offer, Club Membership is constantly growing, and Lighthouse Point Yacht Club will be the most sought-after club on the east coast!

A well-deserved epicenter for luxury living, and gathering place …

Our New Yacht Club Will Encompass the Following:

43,000 Square Foot Clubhouse
4,000 Square Foot Tennis Center Bistro
2,500 Square Foot Kid’s Center with Indoor Basketball Court and Recreation Center
Junior Olympic Sized Swimming Pool
Outdoor Spa Pool with Seating
Adult Jacuzzi on 2nd Floor (Adjacent to Gym)
10,400 Square Foot Gym, Health, and Medical Spa Facility
Five Har-Tru Tennis Courts with Lights for Night Play
280-Person Banquet Hall on the 2nd Floor
Large Outdoor Event Space
Indoor Fine Dining Restaurant and Piano Lounge
Outdoor Tapas Bar
Large Conference Room with Full Av Functionality for up to 24 People
Private Bridal Suite
Highly Rated, Seventy-Eight Slip Deep-Water Full-Service Marina Minutes From Hillsboro Inlet and Boca Lake

Member financial obligation through development

Our redevelopment will span twenty-eight months before the grand opening of our new clubhouse, with breaking ground anticipated for the summer of 2024. In the meantime, the club will maintain amenities for our members, which include: five Har-Tru clay tennis courts, fitness center, child activity area, outdoor food & beverage area, junior Olympic sized pool, and marina. During construction, our members will have a place to eat, drink, socialize, work out, play tennis, and house their boats. Our regular committee meetings and functions will continue throughout this process as well as our travel schedule. We also vow to maintain all our current charitable efforts. In addition, the club provides our members with an extensive reciprocity network through the Yachting Club of America, with over seven hundred eligible clubs in the network.

Our existing members will be financially grandfathered into the new club. Therefore, they will not be faced with additional initiation fees, nor will further assessments on initiation be levied for the continuous duration of their membership.

New member initiation fees will increase substantially six months to completion or when we reach 500 Flagship memberships, whichever goal is achieved first. We expect the new member’s non-refundable initiation fee to be between $35,000 and $50,000. New members who join within six months before the completion of the new clubhouse or after our five hundredth Flagship member will have higher monthly dues than those who are preexisting members of the club.

During construction, existing members will be expected to continue paying membership dues, and all membership rules and regulations will remain in effect. The annual food & beverage minimum has been paused for now and is expected to remain on hold until after construction.

Membership, privilege and pride

We would like to express the notion that while membership at Lighthouse Point Yacht Club has its privileges, that include access to an unparalleled Club experience, “where everybody knows your name,” but it also presents a sense of community and civic pride through our ongoing charitable efforts.

Lighthouse Point Yacht Club is committed to support local organizations and charities that collectively provide support and services to veterans, military families, children, and young adults with special needs, and the homeless.

One of our newest programs is a gratuitous effort extended to the City of Lighthouse Point first responders. We are offering their families initiation-free Club membership to these fine women and men and active military residents who selflessly protect and serve our community and country every day. In addition, we offer a discount to all first responders, please be sure to ask the membership department for more details.

Closing thoughts

In closing, we are thankful that our members, neighbors, and surrounding community of Lighthouse Point are as excited about this project as we are, and see this development as a positive force in the community.

WORKSHOP WITH THE CITY OF LIGHTHOUSE POINT COMMISSION AND PLANNING & ZONING BOARD

10/22/18 City Commission Meeting

5/5/19 Planning & Zoning Board Meeting

6/2/20 Virtual Planning and Zoning Board Meeting

6/10/20 Virtual Special Planning and Zoning Board Meeting

7/7/20 Virtual Planning and Zoning Board Meeting

8/4/20 Virtual Planning and Zoning Board Meeting

11/19/20 HYBRID City Commission Meeting

1/5/21 Virtual Planning and Zoning Board Meeting

11/2/21 Planning and Zoning Board Meeting

11/9/21 City Commission Meeting

12/7/21 Planning and Zoning Board Meeting

01/11/22 City Commission Meeting

Contact Development

954-299-5592

Lighthouse Point Yacht Club Redevelopment Plans Revised

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BY MARIE PULEO | LIGHTHOUSE POINT NEWS REPORTER

A revised site plan for the redevelopment of the Lighthouse Point Yacht Club was presented informally to the Planning and Zoning Board this month by Terry Paterson, the club’s owner and developer.

Paterson is proposing to build 20 luxury townhomes and two single-family homes on a portion of the yacht club property that is currently used for tennis courts and parking. Paterson plans to use the proceeds from the sale of the residential units to subsidize an updated yacht club facility.

Paterson was seeking feedback from the Planning and Zoning Board before submitting a final site plan and other items that the Board will vote on at a future meeting, possibly in March.

During his presentation to the Board, Paterson explained his goals for the development timeline.

He said he wants to start building a new tennis center/bistro as soon as possible, and have it finished by Sept. 1, when members come back after the club’s annual closure during the month of August.

The one-story tennis center/bistro would be built on existing clay tennis courts, east of the club’s entrance on NE 42nd Street, and would serve as a temporary clubhouse once the existing clubhouse is demolished.

Paterson said that a lot of the interior from the club’s existing lounge will be reused inside the tennis center/bistro, to “keep the nostalgic value of some of the things that we have.”

Paterson said he would like to start the demolition permit process for the main clubhouse in June, which will likely be a three-month process, and then demolish the clubhouse by the end of August or the beginning of September.

His goal is to start vertical construction of the new clubhouse around Sept. 1, which should take about 18 months to complete, possibly less.

“Commercial does go a lot quicker than residential, but we’ve got a lot of detail that we have to do to build out this club, so I need the time,” said Paterson.

The sequence in which the townhomes will be built is based on sales. The plan is to build five townhome buildings with four 3-story units each. Paterson said that before his bank will release funding for each townhome building, two out of the four units in the building must be sold.

Paterson said he currently has two units sold in one building, and one unit sold in another building. He expects that by the time he receives all his approvals from the City, construction on those two buildings will be ready to start immediately. Once construction gets underway, each townhome building will take 18 months to complete.

Paterson explained that once he starts a building, the bank money is already in place, and “it doesn’t matter what happens to the economy…that building is built from start to finish.”

He clarified that he does not have to rely on getting the profits from the sale of the residential units before he can start building the clubhouse. Profits from the residential units will pay off the loan that will be in place for the construction of the clubhouse, not go towards building it.

“We’re building the club regardless of the townhouses,” he said.

The plan is for the existing pool area, gym and marina to remain in operation during most of the construction. At least five tennis courts will remain in operation at all times.

Once the new clubhouse is fully operational, the building that is the current gym will be turned into an indoor basketball court and kids center. The new clubhouse will have its own 10,000-square-foot gym. The existing pool will be demolished and two lap pools and a kids’ pool will be built.

In order to carry out his redevelopment plans, Paterson is requesting several text amendments to the city’s zoning code.

The yacht club property is currently zoned as a business district that does not allow for a residential component. In order to build the townhomes and single-family homes, Paterson is requesting that a new zoning district be created.

According to Mayor Glenn Troast, the new zoning district is called “Lighthouse Point Yacht Club mixed-use zoning district.”

Paterson is also requesting two text amendments to the city’s Comprehensive Plan. These text amendments relate to building heights on the yacht club property.

Additional requests are being made pertaining to the number of parking spaces required, the percentage of pervious and impervious areas required on the property, the length of the townhome buildings, property setbacks, and the operation of a limited number of yacht club facility-related businesses out of the yacht club premises.

Planning and Zoning Board members Bill Gallo (Vice Chair) and Susan Motley emphasized that they would not be prepared to approve anything until the Board receives a complete package that includes a development agreement, the text amendments to the city’s Comprehensive Plan and zoning code, the final site plan, a detailed phase plan, a parking study, a traffic analysis, and a landscape plan.

Following the Planning and Zoning Board meeting, Paterson’s attorney submitted a revised development agreement to the City, along with other documents.

City staff has been reviewing the documents, and providing feedback to Paterson and his attorney, according to Mayor Troast. Once the package is finalized, it will go to the city’s Development Review Committee, the Planning and Zoning Board and the City Commission. The final site plan will also go to the Community Appearance Board for approval.

Last October, the Broward County Commission approved Paterson’s application for a land use plan amendment that allows up to 22 residential units to be built on the yacht club property.

In April, the City Commission gave its preliminary approval for the land use change. The ordinance will come before the City Commission for a second and final vote.

“I’m very excited that this project is moving forward and I think they’ve come up with a very exciting plan for the yacht club,” said Troast. “It’s just a matter of getting everything done to make it happen.”

For more Lighthouse Point news and things to do in LHP area read Lighthouse Point magazine and search our website. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_gallery interval=”3″ images=”9711,9712,9710″ img_size=”full”][/vc_column][/vc_row]

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Redevelopment of Lighthouse Point Yacht Club raising financial, permitting concerns - New Pelican

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