A Florida real estate developer has won a $5.2 million bidding war to redevelop the former J.F.K. Real Estate building on Lake Okeechobee.
The developer of the building, John P. Riggs, announced Thursday the deal will see the property converted into a “luxury hotel and convention center.”
The project is estimated to cost $10 million to $12 million.
Riggs said he is in talks with hotel operators and hoteliers to secure additional funding.
The building was formerly a nightclub and is located in Lake Omeer, a community on Lake Mecklenburg County’s southwest shore.
It was designed by renowned architect Frank Lloyd Wright and opened in 1932.
The historic building has been vacant for more than 30 years.
Rounds 1 and 2 of the property are under contract to the Tampa Bay Rowdies of the USL, a professional soccer team based in Tampa.