Cummings, a Century 21 agent, said on his Facebook page that he was involved in the transaction that resulted in a downtown icon changing hands.
“It’s more than a win/win for the parties,” Cummings wrote. “It’s also a win for the members of the City of West Palm Beach.”
Ultima founder Steve Cates said it was tough to sell the gym he began in 1992, but that changes in his personal life and the feeling that he had grown complacent with the fitness center steered him to the decision.
He said he is convinced the new owners will improve on what he built. One detail that was discussed is expanding the 17,100-square-foot gym by taking over adjacent restaurant space.
“A lot of things he’s going to implement were things I was contemplating,” said Cates, of West Palm Beach. “He’s a real marketing guru, which is not my forte.”
New owner Michael Platt, who lives downtown, is an entrepreneur and fitness enthusiast. Cummings said they plan to put up to $300,000 into the gym and have signed a 20-year lease with building owner 400 Clematis.
The sale was first discussed in August, Cates said, and wasn’t motivated by news that LA Fitness is planning to open in CityPlace. Ultima has about 1,450 members.
“I’m always concerned when someone comes in because anyone can take a piece of your market away,” Cates said. “But when I think of all the logistical issues and the expense to build that place out, the parking issues and getting enough people to pay for it, I’m not more concerned than I am of the boot camp a couple of streets over.”
Cates will still be seen at Ultima. Part of the sale included him getting a lifetime membership.
Palm Beach Post Staff Writer Christine Stapleton contributed to this report.
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