Wednesday, May 10, 2006

Developer Readies Condo-Hotel Start

The newest condominium hotel project, the 200-unit St. George Residences and Condo-Hotel, will begin to rise in the late summer. It will be the first new hotel built in Coral Gables in 25 years.

Construction is scheduled to begin in late summer on the St. George Residences and Condo-Hotel, a 200-unit condominium project at 2020 Salzedo St. located four blocks away from the Miracle Mile. The project is being developed by Gables Centre LLC.

Gary Prosterman, principal of Gables Centre LLC, tells that the project is a joint venture between Memphis-based Development Services Group, which specializes in hotel development, and Atlanta-based City Centre Properties, which specializes in mid- and high-rise residential development.

The project will contain 83 one-, two- and three-bedroom condominium units ranging in size from 792 sf to 1,418 sf and 117 studio and one-bedroom hotel condominium units ranging in size from 428 sf to 928 sf. Preconstruction prices for the condominium units will start at the mid-$400,000s and for the hotel condominium units start from the mid-$200,000s. “It’s a true mixed-used development. Residents of the condominium will have access to the hotel services on an a la carte basis,” Posterman says.
Posterman says Gables Centre acquired the site about a year ago from another developer, which had assembled the lots over a four-year period and obtained approvals for the project. The hotel condominium units will be managed by Hilton Hotels when not occupied by owners. Under deed restrictions in Coral Gables, owners can only occupy units 30 days during the year. “What we like about this project is there hasn’t been a hotel built in Coral Gables in 25 years because of high barriers to entry,” Posterman says.
Amenities in the project include private entrances for residences, a landscaped pool deck with swimming pool, restaurant, owners’ lounge, spa and fitness center. Owners of the condominiums will have access to services on an a la carte basis, Posterman says. Fortune International Realty is the exclusive sales and marketing agency for the project. A temporary sales center is located at 2401 Douglas Rd. with an on-site sales center estimated to open in July.

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