The St. Regis will contain 340 residential condominium units, 250 for-sale hotel condo suites, and 50 fractional-ownership hotel condo rooms, Joyce Bronson, a Related Group SVP and regional manager, tells GlobeSt.com. The number and form of the development's multi-building property on the 10-acre site has not been finalized, nor have the estimated construction cost and condo pricing, she says.

Although plans are preliminary and the JV transaction is still subject to negotiation and approvals, Chicago-based Lucien Lagrange Architects has been retained for the development. Among its latest projects is the 67-story Park Tower hotel and condo on Chicago's N. Michigan Ave. Lagrange will work with Miami-based Sieger Suarez Architectural Partnership and with Taft Bradshaw, the landscape architect of Village of Bal Harbour and Bal Harbour Shops. The retail center, which is located across from the Sheraton site, contains 100 stores, including Hermes, Gucci, Prada, Chanel, and Dolce & Gabbana among others.

"Bal Harbour is already a world-class international destination," Bronson says. "We anticipate attracting buyers from Europe and South America as well as the US for both the residential and hotel units."

Among Related Group's South Florida developments are Murano Grande, a 263-unit condo tower in Miami Beach; Apogee, a luxury condo on the tip of South Beach, and Beach Club, a $150-million condo in Hallendale Beach. Steven Heyer, CEO of White Plains, NY-based Starwood, says in a statement, "We expect that this relationship will allow us to maximize the unrealized potential of our land assets while enhancing the strength of Starwood's presence in this affluent market."