The company recently hired HBA/Hirsch Bedner Associates todesign the 369 hotel condo rooms. The project is now constructed upto the 15th floor, says Jack Studnicky, director of sales."Starting this month, they're going to be completing six floors amonth," he says.

|

Sales have been brisk for the more than 1,000 condos in thebuilding, he says. "We've sold about 808 of them," Studnicky tellsGlobeSt.com. "The condo hotels are going for about $440,000, aone-bedroom condo is about $550,000, a two-bedroom condo is about$730,000 and there's a few penthouses that are more than $3million." Amenities will include a wellness spa, an oversized pooland deck, private island beach club, boutiques and shops, exclusiveoffice lofts, a business center, onsite barber shop, beauty salon,drug store, jewelry store and flower shop.

|

He says the US economy downturn hasn't really affected sales,but may have affected who could buy. "About two-to-three years ago,we were getting 75% of our sales from the US, and the rest frominternational buyers. Now that's reversed, we're selling to Chinaand Russia, especially Russia. Because of the canal, this is astrategic location, and it's an easy country to visit. They use thedollar, speak English and the infrastructure is pretty good, youcan drink the water right out of the tap."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.