Belleview Biltmore in Florida sold for $6.2M

The Belleview Biltmore Hotel in Belleview, Fla., sold for $6.2 million.

St. Petersburg developer JMC Communities — the firm behind projects such as the Sandpearl resort on Clearwater Beach and Ovation condominium tower in downtown St. Petersburg, both in Florida — recently completed the transaction between its subsidiary Belleview Place Land and Miami-based former owner BB Hotel.

The sale price is about $400,000 less than the preliminary contract price reported last year.

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The purchase is the first step toward a new era for the dilapidated 1890s-era hotel, which is still at the center of litigation from preservationists who have rallied for years for a full restoration. Listed on the National Register of Historic Places, the property hosted presidents, celebrities and generations of Pinellas residents and guests before closing in 2009.

The Belleair Town Commission last year approved JMC's $15-million plan to tear down all but the original structure's roughly 38,000-square-foot west wing, or 10 percent, for conversion into a boutique inn with salvaged pieces incorporated into the decor. The inn will then be joined by 132 new condos and townhomes.