New Fractional Ownership Properties to Open in Florida

Florida is the most sought timeshare vacation destination in the United States. The vacation ownership industry is responding to consumer demand with plans to build some fabulous new properties. Here's a peek at what the future holds.

Watson Island on Biscayne Bay off the coast of Miami will be the home of 105 new fractional ownership residences. Hong Kong-based Shangri-La Hotels and Resorts is in the process of developing a 10-acre site on the island with a 147-room hotel, suites and poolside villas. The Residences at Island Gardens (left) will be housed at the top of an impressive 39-story tower designed to resemble a stylized lighthouse. One- to four-bedroom units will be offered in 1/8 shares at prices ranging from $195,000 to $765,000 per fraction.

Designed by architects Eric Kuhne & Associates with interiors by renowned Piero Lissoni & Associati, residences will feature floor-to-ceiling, wall-to-wall windows with fabulous views of Miami's skyline and Biscayne Bay. Sangri-La's signature beds and bed linens, luxury bathrooms, wireless internet service and 24-hour butler service are among the planned amenities.

The Shangri-La hotel is part of the $480 million mixed-use Island Gardens project being developed by Flagstone Property Group. Expected to open in 2010, planned features include sophisticated shops and restaurants and a 50-slip super-yacht harbor in a galleried garden setting.

Hyatt Siesta Key Beach Residence Club will rise in place of the demolished Sea Castle motel on the beach of Siesta Key near Sarasota. Hyatt Vacation Ownership will break ground on the 6-story, 44-unit vacation ownership property this spring. Phase I of the Triton Companies development, with expected occupancy in 2009, will offer 11 luxuriously furnished residences of 1,600 to 2,600 square feet to be sold in 1/8 fractional shares at a cost of $200,000 to $750,000.

Like most Hyatt properties, the Siesta Key will offer hotel-like amenities such as full-time front desk and staff, concierge services, pool, fitness center, spa, massage and valet parking. Fractional owners will enjoy privileges at an adjoining beach club.