Is a 5-star hotel about to check in on Key Biscayne condo site?
By Yudislaidy Fernandez
The Argentine developer planning a four-tower residential project on the exclusive island of Key Biscayne could add a 190-room upscale hotel.
The Village of Key Biscayne is asking the developer to consider incorporating a hotel component into the project, which was initially approved as a four-building, 165-unit residential resort community at 350 Ocean Drive.
Eduardo Costantini, president of Buenos Aires-based development firm Consultatio S.A., said via phone from Buenos Aires on Tuesday that he is analyzing adding the luxury hotel.
If this component is integrated, he doesn't want it to delay the existing building schedule.
Plans are to begin construction soon, Mr. Costantini said, starting with an underground parking garage, followed by erecting the first tower.
Consultatio is using its own equity to build the residential resort.
Under the entity Consultatio Key Biscayne, the prime site was bought from Miami-based Fortune International Realty and Sonesta International Hotels Corp. of Boston in 2009 for $78 million, Miami-Dade property records show.
The beachfront land once housed the Sonesta Beach Hotel, which was razed to make room for a new residential-only project.
Now, the village is asking the developer to add a hotel, which could benefit Key Biscayne, where today only The Ritz-Carlton and long-standing motel Silver Sands Beach Resort check in.
The proposal is for a five-star hotel that would share resort amenities with the residences.
"At one point, the village asked only for residential, but as time went by, it yearned for the hotel that was previously there," Mr. Costantini said. "We are making the biggest effort to comply with its wish."
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