Business

Thursday, Nov. 05, 2009

Broadwater Casino plans extended for two years

Recovering financial markets key to rebuilding

BILOXI — With the right partner and financial conditions Roy Anderson III is confident the Broadwater Casino property in Biloxi will be developed.

Meanwhile, he asked the Biloxi Planning Commission Thursday for a two-year extension of plans for a mixed-use casino resort with a marina, entertainment district, convention hotel, retail and a signature golf course on the Broadwater property off Beach Boulevard.

The plan was initially approved by the city in October 2006 and extensions were granted in October 2007 and 2008. The Planning Commission voted unanimously to recommend the City Council grant a two-year extension.

Anderson and Cotton Fore bought the 266-acre site of the former President Casino in 2005, shortly before Hurricane Katrina. Anderson said they had Foxwood Casinos under contract for more than a year before the casino operator walked away from their option in the uncertain post-Katrina market.

In 2008, casino developer Richard Fields with Coastal Development in New York City had an option on the property and was also trying to develop a Margaritaville Casino in Atlantic City. When Lehman Brothers and other financial institutions failed last fall, Anderson said Coastal’s plans in Biloxi were curtailed.

“Currently the property is not under option or contract but we have had several encouraging meetings with national developers, all being dependent on the financial markets and economy rebounding,” Anderson and Fore said in a letter to Planning Commission Chairman David Washer.

Anderson sees some future modifications to the original PUD, particularly eliminating the 3,500 planned condos since that market has gone flat. Any major changes in the PUD must be approved by the city, and Anderson said, “We might be back in front of you as market conditions change.” Several developers have approached Anderson with plans for retail development and he said there may be better uses for the Broadwater property than just tourism-related amenities.

During the past year, Anderson said the Coliseum used the golf course for event parking while the convention center expansion was under construction. The Broadwater site was also improved by removing concrete and marina canopies on the south side of U.S. 90 and keeping the north side maintained and ready for future development.

“We’re going to hold on,” he said.