Waldorf=Astoria Hotel to be Developed at $1B Mixed-Use Project in Sarasota

A deal has been struck between Lion’s Gate Development and Hilton Hotels Corp.  for the  Waldorf=Astoria hotel and residential property to become one of the centerpieces of The Proscenium, Lion’s Gate’s proposed $1 billion mixed-use project in Sarasota, Fla.Rising 18 stories, the upper-upscale Waldorf=Astoria Sarasota will feature 225 guestrooms, as well as 67 Waldorf-Astoria Residences. The property, which will feature a bridge providing access to the neighboring 800-seat Nederlander performing arts hall, will also offer 38,000 square feet of meeting and event space, a 12,000-square-foot spa and various restaurant options. Beyond the hotel, The Proscenium will encompass 130,000 square feet of premium retail, restaurant and entertainment offerings, including a 500-seat theater, 300,000 square feet of office space and 50 additional residences in the form of loft units.Lion’s Gate is still in the process of attaining all requisite approvals from the City of Sarasota; however, if all goes as planned, construction will get underway during the fourth quarter of this year with plans to wrap up development by the close of 2010.Headquartered in Sarasota, Lion’s Gate is a two-year-old commercial and mixed-use real estate development concern. Leasing and sales activities for its properties are overseen by the company’s sister entity, Lion’s Gate Real Estate Group. Beverly Hills-based Hilton Hotels is the leading global hospitality company, with a portfolio of over 2,900 hotels encompassing 490,000 guestrooms across 76 countries and territories. The company debuted its Waldorf=Astoria Collection group of properties about two years ago.