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.
