Longboat Key, Florida | September 4th, 2018 – The Colony Beach & Tennis Resort surely has woven lots of fond memories in Longboat Key, with visits and stays by the rich and famous among them presidents, actors, singers, and artists… Now, prospects of similar milestones soon etched on the resort’s site loom large, as the Colony’s old structures are expected to be completely demolished in three months, preparatory to building a new chapter of the 18-acre property.
Orlando-based Unicorp National Developments, after some five years of negotiations, litigation, and compromises, has secured approval for the former Colony site a five-star, 166-room hotel that will operate under the posh St. Regis banner. Unicorp said it hopes to complete construction at this parcel, located on 1620 Gulf of Mexico Drive adjacent north of the condo Players Club, in 30 to 36 months. This projection should put the hotel’s opening around year 2021.
New Condos—Residences at Longboat Key
Unicorp has been reported as investing a total of $650 million in this project which is not only ushering in a new luxury hotel not seen in the Sarasota region since the Ritz-Carlton opened in 2001. The developer is also building in the former Colony parcel 78 luxury condominium residences that should further add buying excitement on the Longboat Key condo market.
This local condominium development of Unicorp would be its first in the Sarasota area, so expect that this developer would put its best foot forward in its construction. Based on recent reports, this condominium shall be named as the Residences at Longboat Key and will feature three five-story buildings. The living areas of the condo residences will range between 1,600 and 5,000 square feet, with their prices ranging from $3 million to $10 million. Unicorp hopes to launch the Residences at Longboat Key on the 2021 Thanksgiving Day, but pre-selling is set to start earlier.
Exquisite Features, Amenities
The new condo complex will be nestled amid lush tropical landscaping and flaunt several water features including a lagoon, a lazy river, and several pools. Future residents of this condominium will also enjoy access to an events lawn, walking paths, tennis club, and fitness center.
Other condo come-ons will include the opulence of a 10,000-square-foot ballroom, a “world class”15,700-square-foot spa, a “chef-driven” restaurant and a beach café. The Colony’s iconic Monkey Bar, which have seen the likes of President Carter, President Bush, Hollywood’s Denzel Washington, and singer James Taylor, will also be re-created in the Unicorp multi-million dollar development. The developer has likewise committed to set up a trolley service to address the concern of local residents on the increased traffic the hotel and the condominium would bring to Longboat Key.
Notably, residents of two condominiums next to the Unicorp development, the Tencon and Aquarius communities, will be entitled to some of the new amenities of their next-door neighbor. The privileges will be extended as provided under an agreement between Unicorp and the condo owners’ associations which was signed last year.
There is much to look forward in the Unicorp project in Longboat Key, as a development of this size surely would generate significant ripple effects on the local market. Give us a call or e-mail or Judy Kepecz-Hays team if you’re engaging the market as a seller or buyer. Use our in-depth understanding of the local market as your tool toward a fruitful property deal.