By SARA KENNEDY

skennedy@bradenton.com

SIESTA KEY --

Ground-breaking is set for Thursday at the new Hyatt Siesta Key Beach resort, expected to generate about 500 local construction jobs, officials said.

The resort, with a price tag of more than $100 million, is going up at the site of the former Sea Castle motel, which was demolished earlier this year. Plans include 44 furnished residences along with an adjoining beach club fronting Crescent Beach, named among the nation's top 10 beaches last month, officials said.

The resort is set to open next July, said David Lehrman, director of marketing and sales for the resort. It will be managed by Hyatt Management Inc., part of the Hyatt Residence Clubs, he said Tuesday.

"We are certainly thrilled that we're ready and are breaking ground," Lehrman noted.

"We feel the location of Siesta Key and the beautiful beaches and the proximity to culturally vibrant Sarasota complement our other boutique destinations of the club.

"Other destinations include Aspen, Colo., and a new one in New York City, he said.

The Siesta Key developer is Triton Companies, its general contractor is Tandem Construction Co., and aiding the effort will be 35 local subcontractors, officials said.

"Tandem Construction is extremely proud and very excited to be an integral part of the Hyatt/Triton project team," said Peter Hayes, president.

Groundbreaking is set for 10:30 a.m. Thursday at 1003 Seaside Drive. Dignitaries invited include Hyatt Corp. representatives, members of the Siesta Key Chamber of Commerce, and local politicians.

The company has already sold a handful of units, ranging from 1,865- to 2,920-square-feet, and priced at $140,000-$695,000 each, Lehrman said.

It is offering a "fractional ownership" purchasing arrangement. Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth or one-sixteenth of a unit, with shared-use privileges. It eliminates the expense and hassle of a wholly owned vacation residence, Hyatt officials say.

Also celebrating recently was the nearby Hyatt Regency Sarasota, at 1000 Boulevard of the Arts, which held a grand opening following a $22 million renovation. The hotel features newly-appointed guest rooms, lobbies, front desk, restaurant, meeting space fitness center, business center and library.