MIAMI-New York developer Donald J. Trump and the Sunny Isles Beach, FL-based father-son development team of Michael and Gil Dezer have signed a joint venture agreement for a $600 million, three-phase, 972-unit oceanfront condominium project along Miami Beach called Trump Grande Ocean Resort and Residences.
Today's announcement, which GlobeSt.com reported Feb. 2, is expected to buoy the local development community. Area brokers tell GlobeSt.com the project reinforces local belief the current recession is ebbing and that commercial real estate development is resuming a robust upward course in South Florida.
The 11-acre undertaking is being built on some of the most expensive developable land remaining along Miami Beach and its northern reaches. About 1,000 linear feet of the beachfront area is owned by Dezer Development Co. GlobeSt.com couldn't reach the developers but Miami area brokers tell GlobeSt.com the dirt is probably valued at $9 million per acre or at least $200 per sf.
The site is on Collins Avenue from 180th Street to 182nd Street, “one of the largest remaining parcels of prime, contiguous beachfront property in the state of Florida,” Trump says in a prepared statement scheduled for release Feb. 4.
“I am entering into a co-development agreement with the Dezers because I believe this is an amazing tract of beachfront property with phenomenal potential,” Trump says. “It is the equivalent of owning everything on Fifth Avenue from 52nd to 57th Street.”
The scarcity of available developable land in the Miami Beach vicinity is expected to quadruple the value of the joint venture in a short period, area brokers tell GlobeSt.com. “With virtually no remaining prime oceanfront property in Florida, there is no doubt that this project is going to be a great success,” Trump says.
Construction of the first phase, Trump International Beach Resort, a 32-story, 372-unit condo/hotel is nearing completion and will be topped off at a public ceremony Feb. 9. Completion is scheduled for September. Condo prices will run from $350,000 to $1 million. The hotel component will be managed by Boston-based Sonesta International Resorts.
The second phase, Trump Palace, a 47-story, 267-unit condo tower, breaks ground Feb. 9, the same day Trump International Beach Resort is topped off.
The third, 47-story, 333-unit phase, Trump Royale, is tentatively scheduled to break ground by year end. Pre-construction sales begin in April. Unit prices at Trump Royale and Trump Palace are $380,000 to $5 million.
“The name Donald J. Trump has long been associated with the world's premier residential real estate and conveys an unparalleled reputation for excellence,” Michael Dezer says in the same statement. “Spectacular (ocean) views, prime location and quality amenities are the characteristics comprising the platinum standard that Donald Trump is know for.”
Dezer adds, “This project is a testimonial to the increasing demand for this quality of product.”
The New York sales office for the Trump Organization at Central Park South will be the exclusive New York sales broker for Trump Grande Ocean Resort and Residences. Trump's residential properties comprise Trump World Tower, Trump Place, Trump Tower, Trump International Hotel and Tower, Trump Palace and Trump Parc.
The Dezer family owns 27 acres of prime oceanfront dirt in Sunny Isles Beach, FL and 11 hotels. Among the hotels are the Dezerland Beach resort and spa, Suez, Thunderbird, Driftwood, Monaco and Golden Nugget, all landmark Miami Beach hospitality sites since the 1950s.
The Dezers also own/operate a 20-property portfolio in New York. Among those holdings are the Simon Dezer Building on Fifth Avenue, the Dezerland, the Chelsea Antiques Building, the Chelsea Design Center and the Chelsea Arts Forum.
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