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The South Florida-based development company will open a salex center in downtown Celebration by late summe forthe , a two-phase project. An on-site sale s center will follow later inthe year, and construction will beginj in mid-2008. Pre-construction prices for the 441 luxury art deco unitse rangefrom $350,000 to $1 million. The first phase, which includes more than half the total units plus allthe resort'xs amenities, should open in late 2010. The seconcd phase will follow six to 12months later, dependingy on the sales pace. However, news of the project has at least one local industry expert scratching his head over the decisioj to buildthe condo-hote project now.
"There's no need to even read the tea saysAbe Pizam, dean of the at the University of Centraol Florida. "People are afraid of real estate; peopls have lost a lot of This is not a particularlywise move." A markeg exception? But both company Chairman Jorge Perez and , whicgh developed the master-planned Celebrationh community in 1995, say Icon is an exceptio n to the current marke t trend. The project will be located at the edgeof Celebration'ws downtown at 1750 Celebration Blvd., whichj will make it attractive to buyers who want to adopty the attitudes and lifestyled of the community, says Matt Kelly, president of the , Disney'a development arm.
Perez believes Centra l Florida's condo-hotel market is not badly saturated when compared withothert markets. In addition, he believes being part of Celebrationb provides a uniqueselling "Unlike some projects in inferior, tourist-laden, T-shirt shop-type we will create 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 hotepl will be managed by , a Minneapolis-bases luxury hotel operator with nine hotels and five more under constructioh or in development.
Gravesz recently partnered with a German hotel marketingt andreservation business, to establisb a worldwide reservation and marketing operation. Hotel amenitiesx will include two restaurants and alobbyt bar, a courtyard resort-style pool, 14,000 squarr feet of meeting space, a 6,000-square-foo t spa with another 2,500 square feet of exercise spacer and a children's The rooms, one- and two-bedroom resort will range in size from 700 square feet to 1,350 square feet. Kelly says the Celebratioh Co. believes the propert is a good fit withinb the OsceolaCounty community. "They build with a lot of he says.
"They have embraced our architecture anddesignm quality, and they operate a top- qualityy operation in other cities." Foundede in 1979, The Related Group of Florida has built and managed more than 55,000 condop and apartment residences in major markets in Hispanic Business magazine namedf it the top company on its Hispanix Business Top 500 constructiob sector list last year, but bumped it down to No. 4 followingb a 56 percent dropin year-over-yeadr revenue, from $3.2 billion in 2005 to $1.4 billionn in 2006. Revenue for the entire Hispaniv construction segment dropped 22 percent duringthat time.
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