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Development Update: The Seneca

It's our great pleasure to bring y'all up to speed on a months-pending transaction: Waterton Residential has officially acquired The Seneca Apartment Hotel in the Gold Coast. And, by the end of the month, the first round of renovations will wrap on a portion of the 260 existing units set to be reworked and recalibrated for the luxury market (as if the Gold Coast needed more). The conversion to conventional apartments will apply to 10 two-beds, 159 one-beds, and 91 studios, according to this afternoon's press release. The building will see the addition of a fitness center, sun deck, and 24-hour door attendants. The pricing regime is as follows: studios—$1,280 to $1,434; one-beds—$1,490 to $2,128; and two-beds—$2,726 to $3,001. Saddle up kids! [The Seneca]