Michael Emilio

Looks like the Sheraton Bal Harbour is going to finally be taken down in the fall, making way for a $1 billion condominium complex. The name of the new condo complex? St. Regis.

What had originally happened was that Starwood Hotels of New York and The Related Group had called off the original demolition which was scheduled for August 2006. The reason for that was the Super Bowl was coming up and rooms were desperately needed. So now the 41-year old building is going to get the heave-ho in July.

“We hope to be ready for construction of the new complex early next year,” says David Matheson, vice president of corporate communications for Starwood Hotels of New York.

How’s the new condominium complex going to be like?

It’s going to have 511 units with 1 million square feet of residential space. Pretty big. The complex will have 268 condo units, 36 condo-hotel units, 24 St. Regis Residence Club units, 1 presidential suite and a 182 hotel units. These units will be housed inside three 26-floor towers built mainly with glass. It will also include an underground garage, pools, and recreational facilities for each tower of the St. Regis.

How much will the individual condos cost?

The prices of the St. Regis condominium units will range from $1.8 million to $6 million and the hotel units will cost from $1.9 million to $2.5 million.

Is there interest in the St. Regis?

Many South American investors are already asking about the units in the new South Florida complex. It is also getting “a broad array of interest from up and down the eastern seaboard,” Mr. Matheson said.