Hyatt-Flagged Luxury Beach Residences Planned for Sea Castle Property on Siesta Key, FL Crescent Beach.
Sarasota, FL -- (ReleaseWire) -- 06/21/2007 -- Brent Virkus, president and founder of TRiTON Companies, announced that he has entered into an agreement with Hyatt to develop the current Sea Castle property on Siesta Key’s Crescent Beach as a Private Residence Club (PRC). “We are very excited about this project and the ability to bring an amazing development to Siesta Key,” said Virkus, who secured Wall Street financing at a time when investment bankers have given the cold shoulder to Florida condominium development.
“We had to think outside the box with the real estate market being what it is today,” he explained. “We knew we had the opportunity of a lifetime with the Sea Castle property---300 linear feet of beachfront on one of the best beaches in the world makes this spot extremely desirable. And, in doing our research, we learned that people who own high-end luxury beachfront homes spend only limited time each year in the actual residence which makes a fractional ownership such an attractive option.”
Virkus continued to say that fractional real estate is the hottest segment in the industry right now. According to a New York Times article published in April this year, fractional real estate is growing rapidly, increasing to $1.65 billion in sales last year for the United States, Canada and the Caribbean, up more than 30 percent from 2005.
Although sometimes mistakenly compared to timeshare, fractional real estate owners are actually deeded partial ownership (typically one quarter to one twelfth) of the actual real estate, with shared use privileges. It gives owners access to premium destinations, luxurious residences, considerable amenities and personal services and allows them to enjoy their favorite places as an owner without the expense and hassle of a wholly-owned vacation residence.
“Although many fractional buyers can ultimately afford to own a $3 million beachfront home on Siesta Key or the slopes of Aspen, with fractional, they get an ultra-luxurious retreat that is fully-staffed to take care of both the residence when they are not there and their personal on-site needs when they are,” said Virkus.
Virkus said that property will be so richly finished and appointed that each residence will wow even the most hard-to-please buyer. “Fractional offers a level of service so outstanding that residents arriving for their beachfront living will find the refrigerator stocked to their specifications, their favorite linens on the bed, fresh flower arrangements throughout and 7:30 dinner reservations for any table in town,” he said. “It’s the ultimate in luxury living.”
Virkus also added that he has a personal connection to Siesta Key, “I have been vacationing on Siesta Key every year for the past 20 years with my family. It is one of the highlights of the year. We have actually stayed at Sea Castle.”
The working name is The Hyatt Residence Beach Club at Siesta Key.
TRiTON closed the deal on the Sea Castle property June 1. Demolition and construction is slated to begin early next year.
TRiTON Companies is a real estate development company with office in Sarasota, Detroit and NYC. Its real estate portfolio is valued at more than $1 billion, with properties across the United States including Florida, Hawaii and Phoenix, Arizona. TRiTON Companies offers a full-range of real estate development and investment services, including asset selection, due diligence, risk management, asset repositioning, construction management and financial management. TRiTON recently launched One Palm, the luxurious condominium and retail project planned for Palm Avenue in downtown Sarasota.