The Cay Group...the condo-ization of KW?

OK locals, what%26#39;s the poop?

I%26#39;ve been told these guys are buying up anything they can get their hands on in the Keys and plan to transform landmark properties into (shudder)....CONDOS!

The Cay Group...the condo-ization of KW?

Dadio,

You%26#39;ll get several outlooks on the Cay Club%26#39;s ventures here in Key West. I%26#39;ll preface what I%26#39;m about to say with the content of an article in yesterdays (Thursdays) KEyNoter: keynoter.com/articles/鈥ews02.txt

Cay Clubs is slashing jobs on one hand and buying property with the other. Cay Clubs is preparing thier company to be merged (bought out?) with / by Keys Hospitality Acquisition Corp. I%26#39;ve been through a company merger and it wasn%26#39;t pretty. Even if the smaller company (Cay Clubs) has the best intentions, once the purchase goes through, the combined company will do anything in order to be attractive to thier shareholders. Cay Clubs will be going public.

With that said, anything Cay Clubs has said or promised in regards to respecting Key West can now be considered null and void until after the aquisition. New company, new approach. STILL, they must work within the confines of the established plans.

Cay Clubs has the aproval of the City Commision to take over the property that stretches from the Key West Ferry Terminal to about Turtle Kraals. Also in the deal is A %26amp; B Lobster house and marina. (Other locals, please confirm or correct this last statement as I%26#39;m not 100% sure I have all the proerty listed correctly.)

What is NOT included is the Waterfront Market complex and SWB.

Will this mean Key West remains Key West or become Cay West?

The Cay Group...the condo-ization of KW?

Marathon is turning into one big Cay Club. so sad.

Just read the article - thanks for the link. How can an employee not pay vacation that is due to an employee? That is way messed up. Plus promise to develop property into affordable housing for SCHOOL staff and then back out. I guess all this company cares about is money and the bottom line.

Bingo!!

Key Largo here. Ditto the other postings re Cay Clubs. LOTS of promises have been made to workers and locals as one marine/waterfront property after another has been purchased here. Few promises have been fulfilled. Employees seem optimistic in the beginning and then reality sets in.

I had heard the rumor that Cay Clubs was buying as many waterfront properties as possible in the Keys in anticipation of GAMBLING being legalized in Florida (or Monroe County). These quaint waterfront properties they have purchased would become casinos. Not a far fetched concept for me, since I lived on the edge of Atlantic City for 13 years.

I ate at Half Shell Raw Bar in KW 2 days after the contract had been signed with Cay Clubs. Went back to HSRB 2 weeks later and ordered the exact same 24 raw oysters, a shot of rum %26amp; a diet coke. NOTHING visible had changed to Cay Clubs - waiters still in same shirts - roll of paper towels still on the picnic table. When the bill came, it was exactly $8 more than 2 weeks previous!!! There%26#39;s Cay Clubs for ya.

Have also been told that when attempting to move into one of their condo-izations in KW, disgruntled buyers (or their tenants) could not fit their furniture into the tiny rooms (or even through the small doorways!)...if you%26#39;re wanting to file a lawsuit, better get in line fast!

Aside from the questionable ethics of this outfit, the trend to buy up resort property of all kinds to convert to condos is becoming an issue in many resort towns, and it generally separates the two factions into the ';rights of property owners to do as they wish (with proper zoning)'; vs. hastily passed laws to preserve the character of the towns before they become ';condo communities.';

If they do allow casino gambling in the keys I hope they restrict it to just one (and hopefully not KW, it%26#39;s already too crowded to handle that influx).