|
By Sara Kennedy, The Bradenton Herald,
Fla.McClatchy-Tribune Regional News
Jun. 19, 2007 - SARASOTA -- The Sea Castle on Crescent Beach will be demolished and replaced with a new Hyatt Residence Beach Club at Siesta Key. Brent Virkus, president and founder of Triton Companies, said Triton closed on the Sea Castle property June 1 and has signed an agreement as a partner in the project with Hyatt Hotels and Resorts. Demolition and construction is slated to begin early next year, he said. The units will be sold as a "fractional ownership" resort, said Virkus. Although sometimes mistakenly compared to a 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. Owners have access to premium destinations, luxurious residences, hotel amenities and personal service without the expense and hassle of a wholly-owned vacation residence. "We had to think outside the box with the real estate market being what it is today," Virkus 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." Triton is a real estate development company with offices in Sarasota, Detroit and New York City. Its real estate portfolio is valued at more than $1 billion with properties across the U.S. ----- To see more of The Bradenton Herald -- including its homes, jobs, cars and other classified listings -- or to subscribe to the newspaper, go to http://www.bradenton.com. Copyright (c) 2007, The Bradenton Herald, Fla. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |
|