Bruce Weiner, one of three principals of Turnberry Associates, along with founder Donald Soffer and his son Jeffrey, won't disclose how much the company is paying to join the venture. However, in addition to buying about $40 million worth of land and estimated profits, published accounts indicate that various project liens have to be paid off and certain liabilities assumed.
Construction of Oceania Tower V had been halted at the ninth floor of a planned 28-story building. Turnberry expects to turn the project around quickly by using its reputation to market the property more effectively and by negotiating new terms with subcontractors.
Due to the interrupted construction, the building will not be ready for occupancy early next year, as originally planned. Opening has now been pushed back to the end of 2001.
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