Protogroup May Still Surprise Us

Russians Are Coming to Daytona

Protogroup is a Russian company, which has supermarkets in St. Petersburg, Russia, also they have four hotels in Russia and one in Montenegro. This was thought to be the most unlikely project for Daytona, which had more than a fair share of failed projects. This project of two towers, 27 and 31-story high was long fought to be one of those never realized projects.

So everyone happily bet on Hard Rock Hotel, and everyone was a believer, but  the project was not coming and one delay followed another delay, and then they demanded a non-driving beach, and finally a few months ago they threw the towel…

Russian project, consisting of two gorgeous concrete and glass towers, was delayed so many times, that even the strongest were losing faith. And then the ruble collapsed and down went their hopes on Russian money. I know a few Russian businessmen, and they would not put a penny on this project.

Yet the project did not die. Congratulations to those persistent Russians, they secured funds from American financial institutions, finally got their plans in order, negotiated a long Phase out plan with the completion in 2021, and built a garage already, and are not going vertical with a South Tower.

The south tower will have 27 stories and include 459 hotel rooms. It will hold 540,759 square feet and cost $90 million. They started the construction of the south tower first, and they estimate it to take 30-34 months to complete.

Couple of days ago through the wine I heard that there is a new set of plans on City Planner’s desk. Protogroup is asking to increase the number of floors in both tower. Some numbers were that now the towers will be 5 floors higher; and some are talking about 10 floors higher.

I do not know how whether they could do it: the parking situation and all that. But anyway, I am all for it, if they can get it.

We soon will see if my bird was right 🙂

Russians Are Coming to Daytona. We have been waiting for over a decade for someone to come. Russians or not Russians…

 

About Jon Zolsky

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