Condo hotel planned for fish camp property

A new deal approved by a bankruptcy judge this week would pull the owners of the old Weeks Fish Camp back from their debt and lead to the development of a condo hotel on the Estero property.

The deal has Pennsylvania-based developer RCMP Enterprises stepping in to pay off $14 million in debt on the 11-acre marina property.

The new company would be owned half by Michele Pessin and half by RCMP. On the board of that company would be three people selected by RCMP partners Stan Malinowski and Chris Wartella and two selected by Pessin, whose bankrupt company, Weeks Landing, now owns the property.

Malinowski owns a condominium in Bonita Springs and has two Florida companies. RCMP Enterprises is based in Scranton, Pa.

Weeks Landing is one of four Pessin companies in bankruptcy. Pessin bought the old fish camp property in December 2003, but development plans were delayed by a lawsuit between Weeks family heirs, many of whom still live and own land in the old community of Coconut at the western end of Coconut Road.

Development hurdles also played a part, and mortgage payments stopped last summer. Creditors foreclosed, and only an 11th hour bankruptcy saved the land from public auction.

Now a deal — a deal court filings say is worth $20 million — changes things.

Defaulted mortgages on the fish camp property total $14 million. RCMP will also inject $4 million into the new partnership and pay $930,000 worth of unsecured debts. RCMP has already posted a $1 million deposit.

Tom Gilhooley, Pessin's partner, said the key element she wanted when she first bought the property remains in the current plans — the marina boat ramp will stay open to the public. Public access to Lee County waterways has grown increasingly scarce in recent years as homes and condominiums have sprouted on waterfront properties.

"Michele's plan in the beginning was to keep it open to the public and to also have dry slips," he said. "That's still part of the plan."

Court documents do not say, and Gilhooley would not comment on, how many rooms or units would be in the condo hotel. He did say the deal took a lot of work on all sides.

"There is some confidence here," Gilhooley said. "A lot of work's been done. Michele wouldn't have signed if she wasn't comfortable with it."

The new partners have meetings scheduled with county officials to discuss development plans. RCMP has until June 30 to tell the bankruptcy court it will proceed with the deal.

The court also this week gave Pessin permission for Shell Cove Marine Properties to sell four Sailfish Street lots. According to court documents, Stephen and Nicole Laquis have offered $1.1 million for the 12 acres of undeveloped residential property, which includes waterfront building lots on Spring Creek.

That property also serves as part of the collateral for the fish camp loan.