The site of the former Olympia Motel by Haulover Park was recently cleared for the development. Ground-breaking for the condo/hotel is set for early spring, and the project is scheduled to be completed at the end of 2004.

Units, which will range in size from 670 sf to 1,600 sf, cost between $320,000 and $645,000. The penthouse units start at $1.5 million.

Residents will buy the units, then the units will go into a pool to be rented out by Hilton when the owners are not living there. Residents must be part time and will not be able to live there year-round. However, they will be able to buy units and rent them out the entire time, according to a spokeswoman for the project. Residents may want to spend summers in New York and winters at Fantasy on the Ocean, for example.

Forty-five of the hotel suites will be lockout units, meaning two adjacent suites with a door in the middle will be available for residents to buy and possibly rent out half.

The building will feature modern architecture, and state-of-the-art technology and services. The suites will be fully furnished and feature marble bathrooms and floor-to-ceiling glass doors with views of the water. Amenities will include a spa and fitness center, tropical landscaping, as well as 150 feet of beach.

The sales center, which has been open for two weeks, is located at 15701 Collins Ave. in Sunny Isles. The dual-functioning concept has attracted domestic and overseas investors alike who want to put their units into the hospitality inventory pool to be rented out as luxury hotel suites. So far, 25% of the units have been sold.

Instant Insights /

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