MIAMI BEACH, Fla.--(BUSINESS WIRE)--Dec. 20, 2002--The elegant 40-story Setai condominium - 175 Zen-inspired residences created in collaboration with world-renowned hotelier Adrian Zecha -- has topped off, announced Jonathan Breene who, with partner John Conroy, Jr., is developing the South Beach property. Once completed, The Setai Resort and Residences will be the first property in the United States to be managed by General Hotel Management (GHM) and will establish a new benchmark for luxury in South Beach.
In addition to the heralded five-star services provided by the award-winning GHM, The Setai Residences introduces an exceptional offering to South Beach, including varying floor plans, two-story townhouses, luxurious condominiums and spacious penthouses with private terraces and outdoor lap pools, baths clad in Absolute Black granite; gourmet kitchens with custom-designed Italian teak cabinetry and Gaggenau, Miele, and Sub-Zero appliances.
The Setai Residences are over 80% sold and almost 40% of these units are valued at $1 million and over, says Breene. We feel fortunate to have developed a product of such quality that truly caters to a level of clientele which recognizes a world-class product and understands the five-star way of life.
The Tower, which is situated on one of the last available parcels of oceanfront in Miami Beach on 20th street between Collins and the ocean, is just minutes from Miami Beach's exciting nightlife, fine dining, boutiques and cultural attractions. Units range from the low $700,000's to $12 million for the one remaining penthouse. A grand opening is anticipated in late 2003.
We are excited about this milestone and look forward to the next phase in which we will focus on the tower's interiors, says Daniel R. Koffsky, the Owner's Representative for The Setai Group. I am thrilled by the dedication and tenacity of this tremendous team, especially by the Beers Construction staff. I know with their continued efforts, this project will remain successful through its completion.
We would like to extend a special thanks to the more than 500 individuals who have contributed to the completion of this tower, says Breene. We are delighted to bring this magnificent property to Miami Beach, where culture and sophistication come together in one of the world's most sought-after locations.
The property's developer, New York City-based The Setai Group, is a privately held development company specializing in ultra-luxury boutique hotels and condominiums in the U.S. and the Caribbean. In addition to The Setai and also in the final phase of development is The Vendome on Turtle Creek, a 20-story 119-unit luxury condominium residence on Turtle Creek Boulevard in Dallas, Texas. In the planning stages are two five-star luxury resorts with private villas in the Caribbean: one on a private island in the Bahamas.
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