The New St. Regis, Longboat Key, FL - Project Update
The St. Regis Resort currently under construction on Longboat Key may be the most significant enhancement to this Sarasota island, ever! Let's get the latest update on the project from Steve Reid, Editor of the Longboat Key News and Bruce Myer, one of Longboat Key's most prominent Realtors.
Hi I’m Steve Reed with Longbow Key news in Sarasota City news and I'm with Coldwell Banker realtor Bruce Myer on Longboat Key and both of us are standing on the side of the road in front of the former colony beach and tennis resort and has now become the busiest place on the island with 250 workers around the clock almost building what's going to be the most expensive project really ever on the key and so bruce and i are here to give you the latest and talk about it and bruce you're in real estate 25 million dollars is what the final sale price of the top unit is here is that a new price point would be an all-time record from what i understand there's one purchaser that's combining two residences together okay what is reportedly that amount of the 69 condominiums from what i understand all but one and that may even be sold now so typically ranging from two and a half million for a one bedroom up to normally 14 15 million which could be a four bedroom direct golf front so these are absolutely prices that we have not seen before but as we can see by all the things that are going on very very well received and remember after he sold after a number of units were sold they raised the prices 13 but that's been absorbed and the prices have really kept going up and up one thing when residents and visitors drive by if they look to the site on the far left they're going to see the first condominium tower going up that's where those most expensive units are the closest to the water closest to the beach on the right they're gonna see the new hotel resort and all those amenities will be available to everyone there's gonna be restaurants for the public right hey we're going to love that we've got two or three restaurants which have bars and who doesn't love that that's great.
They're saying two years till it's done two years and a couple months and it's done and I really believe that for this island this is a game changer remember there were it was a rat infested dilapidated mess for six or seven years and this you've what are the buildings next to it aquarius right players club on the other side that's got to be a big deal do you think it's helping prices for them or what does it mean not that I can say that I came up with a name but I call it the halo effect and i do believe that once these start to close in a couple years with those prices everything will come up even more did you have a lot I mean being that you've been part of the community playing golf playing tennis did you have a lot of people in the community asking you what's going on was there a lot of interest in this project from people you were talking to around the town oh sure you know having lived here for 40 some years and experiencing what i would say the old monkey bar back in the day so it was all kind of a unique experience did they have vodka there at the old monkey bar or were they they probably did I hope I didn't have any before I was 21 but i can't guarantee well yeah no the the old colony was a source of a lot of fun for the entire community i think the community is so excited to be able to go back there's going to be a new monkey bar right something they're calling a lazy river that's going to go between the whole resort it separates between the residential and the hotel side and I guess all of those residents can use the spa and all the pools and all the amenities right is that right well I think the owners have their own pool they've done a great job in separating the owners from the other side nice so the owners will be able to use the let's call it the hotel side okay hotel people will not be able to use their residential and they say residents our visitors can get day passes to the pools and some of the amenities right so exciting this is what we're talking about this is the busiest place on longboat key we're going to have this probably another couple of years two years when it's done it's going to be great then they're going to start in on the pass the key club is doing a big development hotel on the south end right that's another story yeah that's that's down the road so all right I want to thank you for putting this all together and we'll be giving you periodic updates about what's happening here thanks take care