In the heart of Bal Harbour, one of the most affluent sections of South Florida, three all-glass towers rise from a premium beachfront parcel across the street from the fashionable Bal Harbour Shops. At a time when much of the South Florida real estate market remains sluggish, if not dead, the St. Regis Bal Harbour Resort remains in a state of development. In fact, the high-profile mixed-use project, featuring 304 residential and condo-hotel units starting at $1.9 million, is scheduled for a late 2011 delivery, with the hotel opening in 2012. So how is such an ambitious and luxurious real estate endeavor staying alive in these trying economic times? According to Serge Rivera, CEO for Starwood Vacation Ownership Inc.—the owner and developer of the St. Regis Bal Harbour Resort—Starwood is bullish about Bal Harbour’s viability based on two fundamental strengths: location and St. Regis’ century-old brand.

“This is the finest piece of property, not just in South Florida, but I would say on the entire eastern seaboard,” Rivera says. “It’s a pinnacle-type project. And pinnacle-type projects are resilient. They do well in the best of times, and they do better than any other project in bad times.”

Overall, St. Regis Bal Harbour calls for 268 wholly owned residences ranging in size from 1,777 to 6,868 square feet, as well as 36 condo-hotel suites, 183 hotel rooms, and 24 fractional suites. Despite the broad economic challenges, Rivera, a Miami native, stresses that Starwood is steadfast in its commitment this year. “When I’m asked to describe South Florida, I use a nautical term: it’s ‘confused seas,’” Rivera says. “That means you’re getting waves at you from many different angles and currents and the wind that are pushing against you. We like to think we’re kind of like the oasis in a little bit of this tumultuous sea.” —Scott Kauffman