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$180-Mil Condo-Hotel Breaking Ground in First Quarter on Dirt that Cost $158 per SF

SUNNY ISLES BEACH, FL-The 51-story, 283-unit Acqualina will go up on a 4.5-acre oceanfront pad that developers Jules Trump and Alan Matus bought from Pan American Hotel for $31 million or $6.89 million per acre.

By David C. Kimball | Updated on December 22, 2000

SUNNY ISLES BEACH, FL-Condominium-saturated South Florida is getting still another luxury product. This time it’s Acqualina, a $180-million, 51-story, 283-unit high-rise condo-hotel with a gross development area of 1.5 million sf. Sunny Isles Beach is 10 miles north of Downtown Miami.

Developers Jules Trump and Alan Matus, principals of Williams Island Associates Ltd., are breaking ground on the project at 17875 Collins Ave. in the first quarter. They purchased the 4.5-acre oceanfront parcel from Pan American Hotel for $31 million or $6.89 million per acre ($158 per sf). Area land brokers tell GlobeSt.com it’s one of the most expense pieces of dirt in South Florida.

The construction cost equates to $120 per sf and $636,042 per residential unit. The parcel has 400 feet of Atlantic shoreline and will accommodate 295 vehicles. Completion is scheduled for early 2003.

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