A Story About Communities Helping Each Other.
The Seven Isles Homeowners Association with over 300 single family homes situated on prime waterfront property is distinctively known as having one of the lowest rates of criminal activities in the Las Olas communities. That is because of our 24/7 security, backed by an off-duty Fort Lauderdale Police Officer, and cameras at our entrance, with streets one way in and one way out.
Seven Isles has more than an ideal location. The beach, for those who don’t want to walk, is about a three-minute drive, and the charming shops and restaurants on Las Olas are equally proximate. But our ideal location is having been shattered by heavy traffic and sharing vehicle and pedestrian congestion. Our lands and beach areas have been overcome by condominiums.
The Seven Isles HOA, and other Las Olas Homeowners Associations have repeatedly joined together to restrict more building. The Idlewild Community headed by Mary Fertig most recently spearheaded a reduction when, in 2017, a housing developer from Miami wanted to build condominiums on properties rising over 40 stories high along the beach. At the same time, the various Las Olas homeowners’ association and condominium groups wanted fewer and lower heights for buildings. Other communities on the beach were against this, too.
In 1962, the City entered into a lease agreement with Ft Lauderdale Candlelight Corporation, whose successor is Rahn Bahia Mar LLC. The developer wanted to use the same Bahia Mar land that was also used for the Fort Lauderdale Boat Conference and where large boats where moored. The developer requested that the City modify the building codes to permit building higher buildings.
A meeting to review the developer’s project was held at City Hall with the City commissioners. The Commissioners’ Chambers were packed with those for and against the leasing. There were long discussions throughout the evening, which lasted until 4:30 am. As then Seven Isles HOA President, I stayed until the commissioners reached their decision. It was a 3 to 2 decision to not approve the developer’s request.
Recently, the developer came back to the City to renegotiate a lease for the Bahia Mar property. Another public meeting was held virtually on March 16, 2021, which I attended. The Bahia Mar discussion lasted over four hours. The Commission took up the conversation of renegotiating the lease. Vice Mayor Glassman, our District 2 Commissioner, set the tone when he came out strongly against the building of condominiums on public land. Commissioner Sorensen asked tough questions, going so far as to say he was not interested in re-negotiating. Another milestone was reached when three members of the Commission mentioned what we have longed talked about —buying out the lease.
The Las Olas Isles Communities once again stood together, and even with short notice we managed to get the word out about the Bahia Mar issue. There was a tremendous community response that the Commissioners clearly heard.
According to the City records, the current Bahia Mar Lease will terminate on September 30, 2062, at which time, all permanent improvements and all hotel furnishings on the real property will revert to the City. Starting October 1, 1995, the lease agreement provides for a minimum guaranteed annual rental of $300,000 per year and an annual percentage of 4.25%of gross operating revenue, less the minimum guaranteed rent previously paid. Starting on October 1, 2037, the Lessee shall pay a base rent of the greater of $300,000 or 80% of the average annual rent payable during the three lease years immediately preceding the lease year for which the minimum annual rental was calculated and the annual percentage rental of the gross operating revenue remains unchanged at 4.25%.
Our District 2 Commissioner Glassman mentioned after the recent discussions that he looks forward to furthering negotiations that would render a more favorable and fair lease payment to the City. As always, Seven Isles HOA will continue to be involved in this and all issues that can have an impact on our beautiful community and the value of our homes.