- November 13, 2018
After more than a decade of legal wrangling, an Orlando-based developer has begun sales of luxury condominiums tied to a long-planned five-star resort on Longboat Key in Sarasota County.
Unicorp National Developments Inc. says “over 30” of the 69 Residences at the St. Regis Longboat Key Resort have been committed since sales were opened to the public at the end of July.
In all, the commitments — reservations with 10% of the average $5 million deposited as earnest money — totaled “nearly $200 million, says Unicorp and Michael Saunders & Co., the Sarasota-based residential brokerage firm that is marketing the planned resort on 18 waterfront acres.
“We are very enthusiastic about the response and astounding sales success experienced this summer, especially during these unprecedented times,” says Michael Saunders, the firm’s founder and CEO.
“Longboat Key has a long-standing tradition of creating unique experiences and memories for its residents and visitors from around the world,” adds Saunders, who grew up on the barrier island before forming her own real estate brokerage in the late 1970s.
Unicorp and Saunders say they are in the process of converting the reservations to hard purchase contracts at present. Each contract contains recession period that could ultimately affect how many of the more than 30 deals close, Saunders marketing officials acknowledge.
Unicorp has, however, submitted condominium documents to the state for approval.
The St. Regis residences will comprise a trio of six-story buildings with units ranging from one to four bedrooms. Each is being designed with floor-to-ceiling glass to maximize views of the Gulf of Mexico, according to Saunders’ marketing materials.
Unit amenities will include St. Regis butler and concierge services, daily housekeeping, chauffer and chef services and features such as swimming pools and a private clubhouse.
The planned five-star St. Regis Resort & Spa, which will supplant the famed Colony Beach & Tennis Resort, will feature on-site shopping, dining, a salon and fitness center along with a saltwater lagoon and swimming pools.
St. Regis became part of Marriott International in September 2016, following a roughly $13 billion acquisition of Starwood Hotels & Resorts Worldwide.
Unicorp expects to break ground on the St. Regis resort next summer, with completion slated for late 2023.
Chuck Whittall, Unicorp’s president, says in a statement the new resort will combine “breathtaking Gulf views with impressive architectural elements” and St. Regis service.