Thursday, June 08, 2006

JV Plans New Ritz-Carlton Property


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 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.

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