 In 2014, the Belleair Town Commission approved plans by the current owner, JMC Communities, for a $125 million development to tear down all but the original structure's roughly 38,000-square-feet west wing, or 10 percent, after first documenting the hotel's history through photographs and written catalogs.A portion would be converted into a boutique inn with salvaged pieces incorporated into the decor.The inn would then be joined by 132 new condos and townhomes, according to the plans.