Adam Schlesinger Back in the News

Schlesinger's quest to take over the Ambassador Hotel, a Co-Op on South Ocean Boulevard, has been successful. His company, Copperline Partners, got a mortgage for $23.5 million.

Read about it...

From my blog post of May 6, 2019--

Why Adam Schlesinger is of interest to Lake Worth--Back in July 2005, Schlesinger bought the historic Gulfstream Hotel for $12,910,000 paying over double what it sold for only two years before. The hotel is 13,500 sq. ft. situated on 0.399 acres directly across from the Intracoastal Waterway and Bryant Park. It has 106 rooms in 65,456 square-feet and most rooms have a water view.

Adam Schlesinger came before a former Planning & Zoning Board on numerous occasions as well as the City Commission while Jeff Clemens was mayor. He was crying the blues that he couldn't get financing but NO one on the P&Z Board back then, (Lisa Maxwell, former candidate for District 4, Wes Blackman, former candidate for District 3 and Phil Spinelli to name a few), asked him to prove what he said--none of them even asked. They took him at his "word." They continued to give him extension after extension and allowed the Gulfstream to languish.

This is a hotel that survived the Great Depression but did not survive the financial depression we had. Asset Holding Company 5 LLC filed a foreclosure lawsuit against CSC Lake Worth Limited Partnership (Schlesinger) on August 11, 2010 in Palm Beach County Circuit Court. The lawsuit sought repayment of a $12 million loan, plus the foreclosure of the hotel property. In May 2010, it sold for $7,225,000 to HH GULFSTREAM LAND HOLDINGS LLC (Hudson Holdings--remember them?). Another suit ensued and then Carl DeSantis owned the Gulfstream Hotel.

Now some on the staff of the City of Lake Worth as well as the commission want a public/private partnership at our beach with the idea of building a hotel there. The Commission voted NOT to put the pool on the ballot so I would expect that they have bigger and greater things in mind for our beach property. This public/private partnership idea that Commissioner Robinson advocates, caused a popular mayor, Rodney Romano, to be defeated years ago.

They are also placing a height amendment on the ballot that will give the Gulfstream Hotel and that entire block more height--a max of 87 feet. The idea of small town charm continues to erode with this administration. When the initiative passes by the voters, they can say, "See, the voters approved" and there won't be any Florida law they can use to overturn that vote like they did a few years ago when the voters told them they wanted no more than 45 feet downtown.