Thinking boutique on South Beach - In the Pipeline

South Florida CEO, April, 2003

* The International Sales Group--aka ISG--has developed a reputation for its ability to successfully sell some of the largest condominium projects in South Florida, especially in Aventura. Now, they are trying their hand in the boutique business. Beginning this month, they will aggressively market 22 units in the Casa Grande condo-hotel at 834 Ocean Drive.

For most of the 1990s, Casa Grande belonged to developer Ugo Colombo. He renovated the Art Deco hotel, converting it to a 37-room condo hotel, the last 26 units of which he unloaded in a single sale at the end of the 1990s. Those investors sold the current lot of 22 to a group brought in by ISG.

"We decided we could sell the units because of the unique nature of Casa Grande," says ISG executive vice president Craig Studnicky. "It's a boutique kind of hotel property, and with proper management, it could easily be the best project in all of South Beach. The location of the property is just irresistible." What particularly impressed ISG, says Studnicky--besides its Ocean Drive address--were the nature of the units. Instead of one-room efficiencies, they found suite-style hotel rooms.

"These are not your typical condo hotel cubicles," says Philip Spiegelman, president of ISG. "Instead of a 350 square foot box, they are 600 to 800 square feet. And each one comes with a real kitchen." Having updated the renovations, and brought in new hotel management, ISG is now ready to offer units for $300,000 to $500,000 each, a price they also consider irresistible "There is no new property available at this price point," notes Jimena Pintos (above), ISG's international sales rep.

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