Developer of proposed St. Regis condo and hotel project says pre-sales crucial to financing.
Longboat Key Commissioners will consider at their Dec. 3 meeting whether the developer of the former Colony Beach & Tennis Resort site can establish a sales office on the property before construction begins.
The developer, Unicorp National Developments Inc., requested the town consider a zoning text amendment to allow temporary, pre-construction sales offices on sites of more than 10 acres and 40 units before construction. Without the acreage and unit restrictions, such a change would have applied to all properties on the island.
The land, which Unicorp last week finished clearing with the demolition of the last Colony building, is 17.6 acres. Unicorp plans 76 condominiums and 166 hotel rooms as part of the $600 million St. Regis Hotel and Residences.
Unicorp President Chuck Whittall told the Commission a month ago pre-sales were crucial to construction financing, and that customers who visited his on-site sales office would get to see a model bathroom and kitchen and be able to see the gulf-front view.
Construction on the project cannot begin until the developer settles with unit owners, either through individual deals with dozens of owners or a judicial dissolution of the condo association. A hearing on the judicial path is planned for Jan. 10.
Whittall has said he would like to see building begin sometime in 2019 and have the hotel and condominiums open in 2021.