Groundbreaking for Florida Gulf Coast Condo Hotel
By Dees Stribling, Midwest Correspondent
As a condo hotel, units in the project will be available for fee-simple purchase from NJR Development by individual owners who in turn will either use them themselves, or put them into Hyatt's resort management and rental program, or a combination of both. This ownership structure, which is especially common in south Florida, is now also increasingly popular in other parts of the state.
"Condo hotels are extremely popular in Florida," Joel Greene, president of Miami-based Condo Hotel Center, (www.CondoHotelCenter.com), a brokerage that specializes in condo hotel properties, told CPN this afternoon. "At first they were mostly located in the southern part of the state, but developers have been responding to demand by building them elsewhere, such as on the west coast."
Partly driving the property type's popularity, posited Greene, is strong demographics. "The baby boomers are in their peak earning years, and are inheriting wealth from their parents as well," he said. "A good many of them are interested in investing in real estate, and condo hotels are one avenue to do so without a lot of hands-on effort."
NJR was established almost five years ago by industry veteran Neil Rauenhorst, former president and chief executive officer of Opus South Corp. Since then the company has specialized in residential and hotel development in the southeastern United States. About two years ago, Rauenhorst bought the rights to the Aqualea project for about $18.5 million.
As a condo hotel, units in the project are available for fee-simple purchase by individual owners who in turn will either use them themselves, or put them into Hyatt's resort management and rental program, or a combination of both. This condo hotel ownership structure, which is especially common in south Florida, is now also increasingly popular in other parts of the state.
The Aqualea project will be located near Clearwater Beach's BeachWalk re-development project, a municipal plan featuring a beachfront "village" of shops, restaurants, water sports and public attractions. Aqualea is an important component of the city's plan for BeachWalk, because it will include a 400-space public parking garage. The property will also feature a number of amenities common to Hyatt resorts, such as pools, a fitness center, a spa and a restaurant.
Read more about Aqualea here:
http://www.condohotelcenter.com/condo-hotels/featured-properties/aqualea.htm
See renderings of Aqualea here:
http://www.condohotelcenter.com/condo-hotels/featured-properties/aqualea-photos.htm
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