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JV Plans New Ritz-Carlton Property

MIAMI BEACH-Plans include renovation of an existing hotel and constructing two towers. It is a venture of Lionstone Development and Fortune International Realty.

By Natalie Keith | Updated on June 07, 2006

MIAMI BEACH-Construction is slated to begin in January on the Ritz-Carlton Club and Residences. The project will consist of renovating the Seville Beach Hotel at 2901 Collins Ave. and building two new 17-story and 20-story residential towers.

Miami-based developers Lionstone Development and Fortune International Realty formed a joint venture to develop the property, which is scheduled to be completed in 2009. The Ritz-Carlton Hotel Co. LLC will manage the property.

The project will consist of 86 private residences and 45 timeshare units. They will include one-, two-, three- and four-bedroom units and a few five- and six-bedroom penthouses and townhomes. Units will range in size from 941 sf to 7,459 sf and prices will begin at the $900,000s. A 1,100-sf sales gallery located on the lobby level of the Ritz-Carlton, South Beach was recently opened and sales of the private residences have started. Sales of the timeshare units will begin this summer.

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