1618-15 Condo-Hotels have long been a staple in Europe and Latin-America One of the biggest perils in the rush to build is time: Delays in
construction mean extra loan payments and ballooning budgets, consuming
profits month by month.
"The costs can eat you up in no time, " said Rafael Kapustin, who
partnered with the Related Group for the two Loft condominium projects in
downtown Miami.
Prices on the 170 units at the Bentley Bay range from $400, 000 for a
one-bedroom apartment to more than $1 million for a penthouse. Olivieri said
about 70 percent of the units are sold.
The idle construction site at one of the most prominent pieces of South
Beach real estate - a waterfront parcel at the foot of the MacArthur Causeway
- marks a sharp reversal of fortune for Olivieri, who has built projects
across Europe and the Middle East, including luxury residences for Saudi
royalty. He said he came to South Florida in 1988 and began building homes in
Coral Gables and Pinecrest, then bought the Bentley hotel in South Beach in
1994.
His plan was to expand the Bentley name to a pair of nearby parcels: a
bayside condominium project and an oceanside hotel to be named the Bentley
Beach. He picked Diaz de Villegas to build both.
Olivieri said his Bentley Bay lender, Colonial Bank, suggested he hire Diaz
de Villegas and that it made sense to have the same contractor on both
projects. In a statement released Tuesday, Colonial Bank denied trying to
influence Olivieri's choice of contractors.
CAPTION: PATRICK FARRELL/HERALD STAFF HOPEFUL: Developer Riccardo Olivieri,
next to a model of the Bentley Bay towers, said construction should resume
next week.
KEYWORDS:
TAG: 0402270403
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mh CONDO-HOTELS HAVE LONG BEEN A STAPLE IN EUROPE AND LATIN AMERICA 08/20/2001
THE MIAMI HERAL
Copyright (c) 2001, The Miami Herald
DATE: Monday, August 20, 2001 EDITION: Final
SECTION: Business Monday PAGE: 6G LENGTH: 229 lines
ILLUSTRATION: color photo: (On the cover) Steve Rockmore of Residential
Realty Advisors at The Setai in Miami Beach (a) ; photo: Leo Ickowicz (a) , a
model of the Acqualina condo-hotel in Sunny Isles (a) , artist's rendering of
the St. Regis in Fort Lauderdale (a) , John Centralla in his kitchen (a)
SOURCE/CREDIT LINE: By CARA BUCKLEY, cbuckley@herald.com
MEMO: COVER STORY; see SELECTED PROPERTIES at end
CONDO-HOTELS HAVE LONG BEEN A STAPLE IN EUROPE AND LATIN AMERICA
Steve Rockmore is hooked on a feeling. A luxury housing consultant with a
weakness for posh hotels, Rockmore yearned for hotelier Adrian Zecha's imprint
to arrive in the United States.
"They have this very Asian feeling, very Zen, " Rockmore said of Zecha's
ultra-luxurious Amanresorts. "I wanted this feeling here and I wanted to live
with it. "
When Rockmore learned that Zecha was bringing The Setai luxury residences
to South Beach, he bit. The clincher? That Setai would be a condo hotel.
Condo hotels are sprouting up in South Florida in concert with the luxury
for-rent condo-hotel units, Winston said.
"You have a beach orientation, the sand and ocean, the very cosmopolitan
flavor of the city, and the draw of South Beach, and Disney is only four hours
away, " he said.
Winston said Miami-Dade is nearing the point of being overbuilt by deluxe
flags, but by most accounts buyers are still chomping at the bit. Broward
condo hotels continue to attract buyers from the Northeastern U.S. , and
several hotels in Palm Beach county are being readied for conversion.
" 'There's no question this is a production that is generating a lot of
interest, " Berman said. "The good news is that investing in real estate has
proven to be, over the long haul, very successful. "
And in the short haul, there's always room service.
"They have everything, a spa, swimming pool, valet, concierge and room
service, " said John Centralla of New Jersey, who recently bought a condo at
the revamped Roney Palace.
"I get to relax and I don't have to do much. I'm a guy. They gotta take
care of it. "
SELECTED PROPERTIES
Acqualina Ocean Residences & Resort
Sunny Isles Beach
174 units. 140 sold.
$800,000-$8 million
The Bentley Beach Condo-Hotel
Miami Beach
108 units. 85 sold.
$354, 100-$1.07 million
Brickell Premier
Miami
120 units. 0 released.
$274,000-$494,000
Fantasy of the Ocean
Sunny Isles Beach
153 units. 35 sold.
$281,440-$349,000
Fontainebleau II*
Miami Beach
462 units. 215 sold.
$350, 000-$1.3 million
Four Seasons Residences
Miami
176 units. 0 sold.
$1.1 million-$5.8 million
The Mutiny Park Condo Hotel
Coconut Grove
224 units. 188 sold.
$204,000-$1.2 million
Ocean Grande Condo-Hotel
Sunny Isles Beach
372 units. 335 sold.
$225, 000-$804,000
Residences, Phase I
Ritz-Carlton
Coconut Grove
131 units. 116 sold.
$300,000 - $5 million
Resort Residences@
The Ritz-Carlton
Key Biscayne
198 units. 198 sold.
$200, 000-$l.l million
Roney Palace
Miami Beach
567 units. 375 sold.
$189, 900-$509, 900
The Setai
Miami Beach
180 units. 91 sold.
$715,000-$10 million
Spa Atlantis Ocean Resort
Pompano Beach
89 units. 84 sold.
$225,000-$456, 990
St. Regis
Fort Lauderdale
29 units. 27 sold**
$1.7 million-$5.4 million
NOTE: Base sales prices. Sales as of June 2001.
SOURCE: The Meyers Group, Fontainebleau and St. Regis.
CAPTION: JARED LAZARUS/HERALD STAFF IN MIAMI BEACH: Leo Ickowicz, of Elite
International Realty, in the lobby of Capri. Unlike timeshares, Capri uses
in-house management. On facing page, a rendering of the Fontainebleau II.
DAVID BERGMAN/HERALD FILE ACQUALINA: A model of the condo-hotel in Sunny
Isles.
TOP TIER: At the St. Regis in Fort Lauderdale', private units are kept
separate from the hotel and never rented out for public use.
PERKS: John Centralia, above, bought a condo at the Roney Palace in Miami
Beach because he likes the idea of living in a condo with hotel amenities. At
The Setai, right, the perks include a restaurant, bar and lounge.
KEYWORDS:
TAG: 0108250248
9 of 11, 48 Terms
mh CONDO HOTELS SUIT GETAWAY CROWD 06/18/2000
THE MIAMI HERALD
Copyright (c) 2000, The Miami Herald
DATE: Sunday, June 18, 2000 EDITION: Final
SECTION: New Homes PAGE: 1H LENGTH: 123 lines
ILLUSTRATION: color photo: The Mutiny (a) ; photo: The construction on the
Mutiny Park (a) , Steven Perricone (a)
SOURCE/CREDIT LINE: BY RICHARD WESTLUND, Special to The Herald
MEMO: see microfilm for South Florida Condo-Hotels
CONDO HOTELS SUIT GETAWAY CROWD
Steven Perricone was looking for a weekend getaway from the hectic business
world. The 45-year-old Miami resident, who owns Perricone Marketplace and
Cafe, wanted a well-appointed, affordable second home on the ocean.