Condo Hotel Center: Property
Alert
April
1, 2005
FIVE-STAR
CONDO HOTEL ON
SINGER ISLAND,FLA
AMRIT RESORT AND RESIDENCES
Available Now at Preconstruction Prices
 Hello
friends. I'm just back from a wonderful week-long
vacation at the Port St. Lucie, Florida Club Med where
I did little more than hang out with my wife and twin
girls, relax by the pool and hit the daily buffets.
First time in years I've done that (nothing), and
it felt great!
But now it's back to
work, and I have an exciting pre-construction condo
hotel opportunity to tell you about this week. The
grand opening of the sales office for this property
won't take place until May 19, which is when other
brokers and the general public will first hear about
this project. So, until then, it's just our little
secret. Read on for the juicy details.
Amrit
Resort and Residences
Amrit Resort and Residences
is among the high-rises soon to grace the Atlantic
Ocean's shores along Singer Island in Riviera Beach.
Situated on nearly seven oceanfront acres and a 300-foot
spread of beach, Amrit will be an enclave of five
buildings. They will contain 173 condos of which 127
are available as condo hotel units. Also on the site
will be a full-service hotel and condominium residences.
Amrit Resort and Residences, Singer
Island, Florida
Amrit Resort
is expected to garner five stars. Architectural motifs
and interior designs will create an ambience of a
luxurious oasis. Lush landscaping, palm trees and
tropical gardens will frame the private pool, pool
bistro and cabana area. The property will be right
on the beach. All condo hotel units will offer breathtaking
views of the Atlantic and Intracoastal Waterway.
Five-star Amenities
Amrit Resort will be the first contemporary-styled
condo hotel on Singer Island. As a five-star resort,
it will offer a full host of luxury amenities including:
- Heated, oceanfront swimming pool
- Whirlpool
- Oversized sun deck
- Beachside recreation
- 7,500 sq. ft. private health spa
- Fully-equipped fitness center
- Club room
- Restaurant
- Lounge
- Private theater
Services
Residents and guests will be greeted in grand style
by a white-glove experience that includes a valet,
bellhops, a concierge and housekeeping. There will
also be pool deck and beach services.
Condo Hotel Unit
Features
Inside each condo hotel unit, spacious floor plans
feature floor-to-ceiling glass walls and expansive
windows to take advantage of the spectacular ocean
and city views.
Each unit will have advanced Home Smart technology.
This broadband fiber-optic and wireless infrastructure
features a touch-screen central control panel and
a remote that allows you to manage your home right
from your fingertips.
Imagine being able to control your
security system, temperature settings, lights, appliances,
access your wireless Internet service and contact
the concierge, valet and beach service attendants
using your touch-screen!
Other upscale features include:
- Marble flooring in baths
- Granite counters in kitchen
- Sub-zero refrigerator
- Viking range oven
- Meile dishwasher
- Home theater with projection TV
and surround sound
- HomeSmart technology
- Wireless Internet available throughout
the entire building including the pool areas
Free Private Club
Membership
Original buyers of condo hotels units in Amrit Resort
(as opposed to resale buyers in the future) will be
given free membership to the onsite Private Residents'
Club. It will be exclusive to the owners and a small
capped membership to the general public.
Membership means that in addition
to all of the condo hotels' five-star amenities, you'll
have access to the Club's own 2,500 sq. ft. fitness
center, heated pool, steam and sauna, card room, TV
lounge, and beachside and poolside food, drink and
umbrella set up. What is the value of this exclusive
club membership? Well, if you're not an owner at Amrit,
it will cost you approximately $30,000 - $40,000 to
join.
Where is Singer
Island?
Singer Island lies at the easternmost point of Florida's
famed Gold Coast. Located immediately north of Palm
Beach, 65 miles north of Miami, it is ribboned by
eight miles of beaches and the Atlantic, kept warm
year-round by the Gulf Stream.
Singer Island is a coastal island located
between Jupiter and West Palm Beach.
Once the private retreat of sewing
machine magnate Paris Singer, this coastal barrier
island remains one of the most beautiful and upscale
sections of Florida's east coast. Expensive condominiums
and resorts, yacht-filled marinas, and multi-million
dollar homes overlooking the ocean make this area
the playground of the wealthy.
Not very developed yet, this island
offers tremendous opportunity for appreciation as
it comes into its own. For example, a strip mall near
Amrit will soon be torn down and a Marriott hotel
built in its place. More of this sort of development
looms on the horizon.
Oceanfront appreciation on Singer
Island in the past two years has been 30% per year,
according to Matt Weeg, Sales Director for Amrit.
And Palm Beach County, which includes Singer Island
as well as Palm Beach, West Palm Beach, Jupiter Island,
Delray Beach and Boca Raton, is considered one of
the fastest growing areas in the U.S.
How Will Amrit Fill
its Condo Hotel Units?
In addition to the island's several million visitors
each year, there are some significant attractions
that will help keep Amrit's condo hotel units filled.
Just completed is the $83 million Palm Beach Convention
Center with 350,000 sq. ft. of meeting space designed
to draw groups from around the world.
The 19-acre site of the Convention
Center is opposite the popular Kravis Center for the
Performing Arts. And then there's City Place, the
new $600 million mixed-use complex with the finest
shopping, restaurants, entertainment and residential
space in downtown West Palm Beach.
From Amrit Resort, the Convention
Center, Kravis Center and City Place are less than
a 10-minute drive. The Port of Palm Beach, Florida's
fourth busiest port, is a popular starting point for
many cruise ships and draws hundreds of thousands
of tourists to the area, many of whom fly into nearby
Palm Beach International Airport.
Much to Do in This
Beautiful Area
Amrit Resort is conveniently located within a few
miles of restaurants, cafes, golf, galleries, theaters,
yachting and the fabulous shopping on Worth Avenue.
Mediterranean-style architecture popularized by Addison
Mizner abounds here.
Chic and expensive shops line the
avenue and lure the rich and the famous. No dollar
stores here I'm afraid so you won't be bumping into
this big-spender. Instead, what you'll find is high
society where polo matches, designer clothes, and
world-class golf abound.
And throughout Palm Beach County, you'll find plenty
of wonderful amenities to fill your days including
150 golf courses, 1,100 tennis courts, 2,000 restaurants,
40 cultural venues, and of course, the beach.
Amrit Resort's
Immediate Neighbors
In its oceanfront location, Amrit will be in good
company. To the north of Amrit is the Crowne Plaza,
and to the south is The Tiara Condominium. There is
another condo hotel just a little north of Amrit,
but it's sold out. Another quasi-condo hotel exists
a few blocks south of Amrit, but this property is
geared more to extended stay guests with minimum one-month
stays required.
In this location, you will find mostly
high-rise condo units on the ocean, single family
homes across the street from the ocean on the other
side of North Ocean Drive, and a very popular Marriott
timeshare on the south end of the island.
Amrit Resort's
Developer
Amrit Resort's developer is Creative Choice of Palm
Beach Gardens, Florida. Experienced in residential
and commercial development, they have owned this property
for 10 years.
Originally a four-story 1950's hotel
sat on the site and was sold off as timeshares. It
has taken 10 years to clear the title to allow Creative
Choice to move forward with developing it as Amrit.
They now own the land, valued in excess of $65 million,
completely debt free. The entire Amrit project will
cost approximately $300 million to build.
Amrit Resort's Designer/Architect
Meeks + Partners of Houston, Texas are the architects
for Amrit Resort. Established in 1974, the firm has
designed over 400,000 residential and commercial units
throughout the U.S. and the world.
According to Don Meeks, president,
Amrit's design was influenced by the beauty of the
site. "Our objective was for the architecture
to be seamless with the surrounding landscape. Instead
of creating a large rectangular structure, we broke
the mass into three smaller towers and curved their
walls. This design allowed us to emulate the wind
caught in a sail or the break of a wave," Meeks said.
Amrit Resort's Franchise
& Management Company
As is often the case when we tell you about a condo
hotel in the earliest stage of pre-construction availability,
no franchise has yet been chosen for Amrit Resort.
A decision should be made within the next month. However,
I can tell you from experience, once a franchise becomes
connected with the property, prices are quickly raised.
Continental Management Company will
manage the condo units at Amrit, but the condo hotel
units and actual hotel will be run by the hotel operator
not yet chosen. As for the rental split, this will
be determined by the hotel operator, however, it is
expected to favor the owner who puts his unit in the
rental program as much as possible.
Living Restrictions
at Amrit Resort
This condo hotel has a 364 day living restriction,
which essentially means no living restriction. That
is, you can live in your unit for 364 days a year.
Technically, one day a year your unit must be in the
Amrit Resort rental program, but it was made pretty
clear to me that this will not be monitored.
Construction Schedule
Construction on Amrit Resort and Residences will begin
in late summer or early fall of 2005. Expected completion
is fall 2007.
Site plan for Amrit Resort and Residences.
Prices
Available at Amrit Resort and Residences are two bedroom,
two and a half bath units, ranging in size from 1,667
sq. ft. to 2,535 sq. ft. Prices range from $884,000
- $1,497,000, which translates to $530 - $590 per
sq. ft., considered very reasonable for a five-star,
oceanfront resort, especially in upscale Palm Beach
County! The price increase per floor is approximately
$12,000.
To Reserve a Unit
A $50,000 reservation fee locks up your specific unit
at Amrit Resort and Residences. Contracts will be
ready by late April/early May. At that time a full
10% of purchase price (less your initial $50,000)
is due. A second 10% deposit is due when construction
begins in late summer/early fall 2005.
Want More Information?
There are no brochures ready yet for Amrit Resort
and Residences. As I said before, you're finding out
about this approximately six weeks before the general
public. But if you'd like to learn more, I can immediately
send you a detailed data sheet. Contact me at Info@CondoHotelCenter.com
Wrap Up
Well it's tough getting back in the groove of things
once you've been on vacation. Now there's nothing
but memories, a lot of dirty laundry and about 600
emails to respond to that accumulated while I was
away.
Here's me on vacation with my wife
Jackie and our six-year-old twins, Haley (l) and Lindsay
(r),
having just watched another beautiful Florida sunset.
As always, thank you for your interest
in our Property Alerts. We are proud to be your source
for all things condo hotel.
Have a terrific weekend!
Joel Greene,
Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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