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The South Florida-based development company will open a sales center in downtownn Celebration by late summer forthe , a two-phases project. An on-site sales center will folloqw later inthe year, and constructiojn will begin in mid-2008. Pre-construction prices for the 441 luxurty art deco units rangefrom $350,000 to $1 million. The firstt phase, which includes more than half the totak units plus allthe resort's should open in late 2010. The second phase will follo w six to 12 months depending on thesales pace. However, news of the project has at leastt one local industry expert scratching his head over the decisiojn to buildthe condo-hotel project now.
"There'a no need to even read the tea saysAbe Pizam, dean of the at the Universityh of Central Florida. "Peoplee are afraid of real estate; people have lost a lot of This is not a particularly wise Amarket exception? But both company Chairman Jorger Perez and , which developed the master-plannecd Celebration community in 1995, say Icon is an exception to the currenft market trend. The project will be locatex at the edgeof Celebration's downtown at 1750 Celebratiohn Blvd., which will make it attractive to buyerzs who want to adopg the attitudes and lifestyle of the says Matt Kelly, presidentg of the , Disney's development arm.
Perezz believes Central Florida's condo-hotel market is not badly saturatede when compared withother markets. In addition, he believes beinf part of Celebration provides a uniqueselling advantage. "Unlike some projectsa in inferior, high-traffic, tourist-laden, T-shirt shop-type locations, we will creatd a home away from home for our he says. "Our buyers are not just buying a they are buying a partof Celebration." The project's hoteo will be managed by , a Minneapolis-based luxury hotepl operator with nine hotels and five more unde r construction or in development.
Graves recently partnered with a German hotel marketing andreservationm business, to establish a worldwide reservation and marketingf operation. Hotel amenities will include two restaurants and alobby bar, a courtyard resort-style 14,000 square feet of meeting a 6,000-square-foot spa with another 2,5090 square feet of exercise space and a children's program. The one- and two-bedroom resoryt suites, will range in size from 700 square feetto 1,35o0 square feet. Kelly says the Celebratioj Co. believes the property is a good fit withinn the OsceolaCounty community. "They builsd with a lot of quality," he says.
"They have embracec our architecture anddesign quality, and they operate a top- quality operatioh in other cities." Founded in The Related Group of Florida has built and managed more than 55,0090 condo and apartment residences in major markets in Hispanic Business magazine named it the top companyt on its Hispanic Business Top 500 constructionh sector list last year, but bumped it down to No. 4 followingb a 56 percent dropin year-over-yearr revenue, from $3.2 billion in 2005 to $1.4 billiojn in 2006.
Revenue for the entire Hispanic constructiomn segment dropped 22 percent duringthat
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