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Dirt To Move for $104M Sage Resort

ORLANDO-Pre-construction sales at the 10-story, 260-unit condominium hotel total $75 million on 156 units or 60% of the project, Owais Khanini, a Sage principal, tells GlobeSt.com.

By Alex Finkelstein | Updated on November 30, 2006

ORLANDO-Even before the first shovel is dug into its 5.4 acres of prime tourist corridor dirt, Sage Resort developers have booked $75 million in pre-construction sales for the planned 10-story, 260-unit, $104-million condominium hotel. Groundbreaking at 9728 Turkey Lake Rd. is set for year end or mid-December. The projected price range is $469,000 to $1.26 million.

“The hybrid concept of a luxury hotel that sells some of its units as condominiums has become one of the most popular trends in the industry in recent years,” Owais Khanini, a development principal in Sage Resort, tells GlobeSt.com. “Condo-hotels in the past two or three years have expanded beyond traditional markets in ski resorts or Hawaii and have established themselves in other tourist destinations such as Orlando and Las Vegas.” Khanini says Orlando has “great potential” for the condominium hotel market.

Turkey Lake Partners LLC and Ryze Development LLC, both locally based, are co-developing Sage Resort. Khanini is founder and president of Ryze Development. The other development principals are William T. Gaudry, president and co-managing member of EMG Design Group LLC, and Charles C. Frey, co-managing member and founder of Sun Resorts Holding LLC.

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