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South Florida Real Estate - March 2006
? Coral Gables-based Avatar Holdings plans to build a 113-unit condominium in Palm Beach Gardens with priority access to a private marina. The Frenchman's Yacht Club project is slated for 14 acres at the southeast corner of Donald Ross Road and Prosperity Farms Road. The company expects to fetch from $1.4 million to more than $2.5 million for the units.
? HEI Hospitality of Norwalk, Conn., acquired the 250-room Sheraton Hotel at Fort Lauderdale-Hollywood International Airport from Starwood Hotels & Resorts Worldwide for $32 million. HEI plans to spend $6 million to spruce up the property.
? Miami-based Terranova Corp. is handling leasing and management of Glades Twin Plaza, a $26-million, Boca Raton office complex recently acquired by BlackRock Realty.
? The old section of the Fontainebleau Resort is set to close this spring for a $450-million overhaul and expansion, taking 876 rooms out of service. Its new tower with 462 rooms and suites will continue operating. Plans call for a total of 1,800 rooms when the project is completed in 2008.
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