HIGH LIFE

Tow­ers on the rise of­fer ho­tel rooms and con­dos

Sun Sentinel Palm Beach Edition - - FRONT PAGE - By Lisa J. Huri­ash

Up in the down­town sky, look: Are those new high-rises meant to be ho­tels or condo build­ings? More and more, you’ll see tow­ers that com­bine both things.

These dual-pur­pose mega tow­ers are on the rise across South Florida, serv­ing the re­gion’s tourism in­dus­try and the de­mand for new hous­ing, ex­perts say.

Among them are a 92-story tower in Mi­ami that will show­case 902 apart­ments and 200 ho­tel rooms. In Fort Laud­erdale, a 46-story build­ing will of­fer 113 con­dos on the up­per 30 floors of the build­ing, in ad­di­tion to ho­tel rooms.

A rash of condo-ho­tel de­vel­op­ments had emerged dur­ing the build­ing boom of the 2000s, but many failed amid the hous­ing cri­sis as prices plunged, said Deer­field Beach-based real es­tate an­a­lyst Jack McCabe. While projects mostly stopped in 2009, they started again just a few years ago, he said.

The ben­e­fits to the res­i­dents in­clude get­ting hotelqual­ity ameni­ties and ser­vices that in­cludes concierge and valet, as well as round-the­clock food de­liv­ery. Oth­ers of-

“The lo­ca­tion is so pow­er­ful. It’s re­ally good for any kind of de­vel­op­ment but we thought the com­bi­na­tion gives a good bal­ance to the build­ing.” Ti­bor Hollo, Florida East Coast Realty founder, on high-rise plans for One Bayfront Plaza in Mi­ami

fer mas­sage at 2 a.m. and rides to the air­port, he said. “There are some def­i­nite pluses to do­ing it this way,” McCabe said.

Here’s a look at some of these high-rises un­der­way.

Fort Laud­erdale

The Kolter Group is con­struct­ing a lux­ury mixed-use tower of ho­tel rooms and con­dos in down­town Fort Laud­erdale at 100 E. Las Olas Blvd.

The 46-story tower will be home to a Hy­att Cen­tric, the first ho­tel to be built on Las Olas Boule­vard in 82 years. The pro­ject is ex­pected to be com­plete in 2020 and will in­clude 113 con­dos on the up­per 30 floors of the build­ing, and 238 ho­tel rooms.

For the peo­ple who will choose to live there, it could mean re­treat­ing to a quiet home, or so­cial­iz­ing with new peo­ple, said Peggy Olin Fucci, CEO of OneWorld Prop­er­ties, which is re­spon­si­ble for the sales and mar­ket­ing of the pro­ject known as 100 Las Olas. “We say down­town is down­stairs — the ex­ten­sion of your home is down­stairs,” she said. “That type of lifestyle, where there is va­ri­ety, is what dif­fer­en­ti­ates own­ing a piece of down­town.”

Peter Zalewski, prin­ci­pal of the Condo Vul­tures real es­tate firm in Mi­ami, said con­dos tend to be built on top of the ho­tel rooms, be­cause the renters are short­term and the condo owners will pay more for the view.

There are other rea­sons for sep­a­rat­ing the sides. Typ­i­cally, there’s a stigma to shar­ing space with “some­body on va­ca­tion, walk­ing around in flip-flops and par­ty­ing till 4 in the morn­ing,” he said. “Typ­i­cally de­vel­op­ers don’t like to mix them.”

So why buy? There’s the pres­tige of be­ing af­fil­i­ated with a classy ho­tel — an idea Zalewski says was spurred by Pres­i­dent Don­ald Trump’s Trump In­ter­na­tional Ho­tel & Tower New York. “It comes down to van­ity,” he said. “It’s mar­ket­ing, and it’s psy­cho­log­i­cal.”

Also in Fort Laud­erdale, con­struc­tion be­gan ear­lier this year for the Four Sea­sons Ho­tel and Pri­vate Res­i­dences Fort Laud­erdale. The 22-story de­vel­op­ment will in­clude 90 pri­vate res­i­dences and 130 guest rooms. Res­i­dences will range from 780 to more than 6,000 square feet. There will be four pent­houses and three “sky homes” with 20-foot ceil­ings.

Hol­ly­wood

In June, the 12-story CIRC Ho­tel was the first ho­tel to open in down­town Hol­ly­wood in decades. The 27-story CIRC Res­i­dences, which make up 386 rental apart­ments, are con­nected to the ho­tel. Ho­tel guests can’t ac­cess the apart­ments, but apart­ment res­i­dents can ac­cess the ho­tel ameni­ties, in­clud­ing a round-the-clock concierge, valet park­ing, rooftop bar and restau­rant.

Ty­rone Foster, 28, moved into the CIRC Res­i­dences in Novem­ber be­cause of how con­ve­nient it is to live down­town.

“I like it,” he said. “Boom, there’s a Publix right here, there’s a park over there for my daugh­ter, there’s nightlife right there. If I want to go get a drink, I can walk home. I love that the most — my car stays in the garage.”

He said it was “ge­nius” to have a ho­tel com­bined with homes be­cause of the perks usu­ally as­so­ci­ated with tourists, in­clud­ing valet. “There’s a restau­rant in the build­ing. That’s amaz­ing. I don’t have to leave the build­ing, I re­ally don’t. As soon as I saw it, I said I like the feel of it. The staff greets you, they know your name.”

Del­ray Beach

The down­town con­dos known as 236 Fifth Av­enue are un­der con­struc­tion by New York-based Sa­mar Hospi­tal­ity. The pro­ject in­cludes a 122-room Aloft Ho­tel Del­ray Beach, 35 con­dos and 6,000 square feet of re­tail.

The build­ing is tech­ni­cally four sto­ries, but will rise the height of a tra­di­tional five-story build­ing, or 54 feet. The ho­tel and condo sec­tions will have sep­a­rate en­trances, but will share some ameni­ties such as the pool and the gym, said de­vel­oper Alan Min­del.

Res­i­dents can get the “ben­e­fit of the ho­tel but still have the pri­vacy of a typ­i­cal condo,” he said. It is ex­pected to open the first quar­ter of 2019.

Mi­ami

One Bayfront Plaza was built about 60 years ago as a 19-story of­fice and re­tail build­ing. Its owner of 40 years, Florida East Coast Realty, said it will wait for leases to ex­pire in late 2020. By 2021, Ti­bor Hollo, the founder of FECR, plans to break ground on the 92-story high-rise of the pro­ject that will keep the same name.

The pro­ject will in­clude 902 apart­ments, 200 ho­tel rooms, as well as of­fice and re­tail space, at 100 S. Bis­cayne Blvd., al­though the ho­tel brand has not been fi­nal­ized.

“The lo­ca­tion is so pow­er­ful,” Hollo said. “It’s re­ally good for any kind of de­vel­op­ment but we thought the com­bi­na­tion gives a good bal­ance to the build­ing.”

Also in Mi­ami, de­vel­oper Habi­tat Group re­cently started de­mo­li­tion of two apart­ment build­ings near the down­town to make way for three in­ter­con­nected tow­ers of homes and ho­tel rooms. Known as the Smart Brick­ell pro­ject, it is de­signed to have 150 ho­tel rooms and 170 con­dos, said San­ti­ago Vane­gas, founder, CEO and pres­i­dent of Habi­tat Group.

More ameni­ties are usu­ally of­fered at a ho­tel than in a stan­dard condo, so com­bin­ing the two gives res­i­dents the best of both worlds, Vane­gas said.

“You could call the front desk to the ho­tel for room ser­vice from the cof­fee shop or the bar,” Vane­gas said of the condo res­i­dents.

Vane­gas said some buy­ers might be hes­i­tant to buy in a condo or apart­ment build­ing with a ho­tel com­po­nent be­cause they feel they can lose pri­vacy to tourists who share the ameni­ties. He said that con­cern is usu­ally abated with pri­vate el­e­va­tors, and se­cu­rity sys­tems to en­sure that the con­dos re­main sealed off to ho­tel guests.

“They love it,” he said of the condo res­i­dents. “That’s the mar­ket. It’s an al­ter­na­tive.”

His con­dos will start in the $300,000s.

Boca Ra­ton

Some projects di­vide the ho­tel and con­dos into sep­a­rate build­ings, but share the ameni­ties.

That in­cludes The Res­i­dences at Man­darin Ori­en­tal, Boca Ra­ton, which is be­ing con­structed with 92 con­dos in a 12-story build­ing. Res­i­dents will en­joy a 24-hour concierge, valet, main­te­nance, house­keep­ing and se­cu­rity that comes with the 12-story, 164 ho­tel rooms and suites next door.

Com­ple­tion is ex­pected in 2020.

Other perks

Some South Florida projects of­fer an­other op­tion known as “condo-ho­tels,” where condo owners can rent their home when it’s not in use and have it pro­fes­sion­ally man­aged.

The W Mi­ami, for­merly known as Viceroy Mi­ami, of­fers this ar­range­ment on Brick­ell Av­enue in Mi­ami.

And they’re also avail­able at The Ocean Re­sort Res­i­dences Con­rad Fort Laud­erdale Beach, which opened late last year with 181 condo-ho­tel units and 109 con­dos.

The ameni­ties for the peo­ple who live there? Twice-a-day house­keep­ing, laun­dry ser­vice, on-site tai­lors, bike rentals at no ex­tra charge and car ser­vice to the air­port, said Jesse Ot­t­ley, the pres­i­dent of the de­vel­op­ment sales divi­sion for Cervera Real Es­tate in Mi­ami, who is han­dling the sales for the build­ing.

Ot­t­ley called the com­bi­na­tion projects a “new era of shared revenue” where res­i­dents can get room ser­vice even at 10 p.m.

LEVY PUB­LIC RE­LA­TIONS/COUR­TESY

The Kolter Group is con­struct­ing a lux­ury mixed-use tower of ho­tel rooms and con­dos known as 100 Las Olas, seen in this artist’s il­lus­tra­tion, in down­town Fort Laud­erdale at 100 E. Las Olas Blvd.

HABI­TAT GROUP

In Mi­ami, de­vel­oper Habi­tat Group re­cently started de­mo­li­tion of two apart­ment build­ings near the down­town to make way for three in­ter­con­nected tow­ers of homes and ho­tel rooms. Known as the Smart Brick­ell pro­ject, it will have 150 ho­tel rooms and 170 con­dos.

PAUL STOPPI

In June, the 12-story CIRC Ho­tel was the first ho­tel to open in down­town Hol­ly­wood in decades. The 27-story CIRC Res­i­dences, which make up 386 rental apart­ments, are con­nected to the ho­tel. Apart­ment res­i­dents can ac­cess the ho­tel ameni­ties.

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