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Let us all in on plans for Belleview Biltmore

By Times editorial
Published March 16, 2007

There is reason for cautious optimism that the Belleview Biltmore Resort & Spa might have a future as a restored hotel. A company with deep pockets announced last week that it has signed a contract to buy the 110-year-old hotel in Belleair and intends to save it.

Legg Mason Real Estate Investors Inc. supplies financing for real estate ventures and touts its history of creating financing strategies that are "handcrafted to successfully address the situation." The company has financed big and small projects throughout the United States and Canada, including apartment complexes, office buildings, shopping centers and hotels.

The corporation looks for properties that are undercapitalized and therefore cannot afford needed improvements or can no longer compete in the marketplace. That certainly describes the Belleview Biltmore in recent years.

Restoration of major historic properties like the Belleview Biltmore does not appear to be the company's specialty, though the St. Petersburg Times reported last week that Legg Mason is restoring and redeveloping two historic buildings in California into a hotel. It is hoped that project and any others involving historic structures have prepared Legg Mason for the enormous challenges of restoring one of the world's largest wooden structures.

As Legg Mason soon will find out, if it doesn't know already, the Belleview Biltmore is considered a precious asset in Pinellas County. Previous proposals to do anything other than preserve and restore the structure have been loudly opposed by local preservationists and some public officials.

Last week, neither Legg Mason nor the current owners of the hotel, Urdang Capital Management, were willing to provide any specifics about the sales contract or the plans for the hotel.

Legg Mason should understand that owning a unique historic asset like the Belleview Biltmore is considered a public trust. If the corporation wants the support of the community, it needs to keep the public fully informed of its purchase and preservation plans.

[Last modified March 16, 2007, 07:08:34]