MIAMI BEACH-Construction is slated to begin in January on the Ritz-Carlton Club and Residences. The project will consist of renovating the Seville Beach Hotel at 2901 Collins Ave. and building two new 17-story and 20-story residential towers.

Miami-based developers Lionstone Development and Fortune International Realty formed a joint venture to develop the property, which is scheduled to be completed in 2009. The Ritz-Carlton Hotel Co. LLC will manage the property.

The project will consist of 86 private residences and 45 timeshare units. They will include one-, two-, three- and four-bedroom units and a few five- and six-bedroom penthouses and townhomes. Units will range in size from 941 sf to 7,459 sf and prices will begin at the $900,000s. A 1,100-sf sales gallery located on the lobby level of the Ritz-Carlton, South Beach was recently opened and sales of the private residences have started. Sales of the timeshare units will begin this summer.

A spokeswoman for the project tells GlobeSt.com that the owners will have access to the Ritz-Carlton amenities included in the project. Planned amenities include a dedicated concierge, restaurant and private dining room, fitness facility and spa, five pools, three whirlpool spas, cabanas and a pool bar and grill. “It’s hotel-branded but there’s no hotel component so buyers will be getting all the amenities of a hotel without the transient component,” she says.

Both developers have considerable experience in the Miami and Miami Beach areas. Lionstone owns the Ritz-Carlton, South Beach and was a co-developer of Epic Residences & Hotel in Downtown Miami. Fortune has developed Jade Residences at Brickell Bay, Jade Ocean, Jade Beach and Le Meridien Sunny Isles Beach.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.