St. Regis Hotel and Residences planned for Longboat Key

Unicorp National Development has picked up 2.3 acres of recreational property at the former Colony Beach and Tennis Resort in Longboat Key, Florida. The company paid $29.51m for the site which is a record for island property based on the per-acre average of $12.66m. Unicorp intends to build a hotel, branded as St. Regis Hotel and Residences, on the land. The scheme will feature 166 rooms along with 78 condominium units. The $600m project is expected to be completed in 2021. The site is currently occupied by a old restaurant, delicatessen, swimming pool and tennis courts.