Razing Of Sheraton Bal Harbour Rescheduled For Fall
By Eric Kalis
The Sheraton Bal Harbour will be razed in the fall, said a spokesman of the company planning a $1 billion St. Regis condominium complex on the site.
Starwood Hotels of New York and The Related Group called off a scheduled August 2006 demolition of the 41-year-old hotel to help address a room shortage for the Super Bowl in February. After a successful few months of bookings, Starwood and Related now plan to close the Sheraton in July and demolish the building shortly thereafter, said David Matheson, vice president of corporate communications for Starwood.
"We hope to be ready for construction of the new complex early next year," Mr. Matheson said.
The 511-unit St. Regis-Bal Harbour Hotel and Residences, a condo complex of about 1 million square feet of residential space, is to replace the Sheraton. The complex is to include 268 condominiums, 36 condominium-hotel units, 24 St. Regis Residence Club units, one presidential suite and a 182-unit hotel. Project officials have said prices of condos will range from $1.8 million to $6 million and hotel units $1.9 million to $2.5 million.
The original opening date for the St. Regis was June 2010, but that will be pushed back, Mr. Matheson said. Bookings were plentiful for the Super Bowl and have remained steady, he said. "It is the normal business flow here," Mr. Matheson said.
Starwood officials would not disclose specific numbers on bookings.
Scores of potential South American buyers are inquiring about the St. Regis, Mr. Matheson said. The complex also is attracting "a broad array of interest from up and down the eastern seaboard," he said.
The Bal Harbour Village Council approved the project last year. It includes three 26-floor towers built primarily with glass along with an underground garage and separate pools and recreational facilities for each tower.Details: www.stregisebrochure.com. Advertisement