After selling out the 36-story, 462-unit Fontainebleau II condominium-hotel about six months before delivery is scheduled to begin, the developers have started selling Fontainebleau III Ocean Club, to be built on the south end of the property, adjacent to Fontainebleau II.
Fontainebleau III will have 311 condominium-hotel residences with views of the Atlantic Ocean, Miami Beach and the Fontainebleau Hilton grounds. Prices for these units range from $435,000 to more than $1.8 million. The furnished junior, one-bedroom and two-bedroom suites will range from 500 sf to 1,600 sf plus terraces.
Bruce Weiner, president of Turnberry Associates' Residential Division, is confident there is a market for another few hundred units on the same property. Fontainebleau II sold out "well in advance," he says, with other interested buyers remaining. "We left a lot of people kind of on the doorstep who were very interested," Weiner says. "We felt there's at least another 300 … buyers out there."
Fontainebleau III is scheduled to break ground early next year. Fontainebleau II has topped off and is scheduled to start delivery in late November. Weiner says he expected the project to be successful, but the Sept. 11, 2001 tragedy temporarily slowed sales of Fontainebleau II.
"We went into the development with a very positive outlook on it," he says. "The only thing that dampened our enthusiasm is we started selling about three weeks before 9-11, and after that tragedy, the whole world came to a grinding halt." After about three slower months of getting back into it, the project "just took on a life of its own," he adds.
He attributes the success to many factors. "One is we have a phenomenal location at a world-renowned resort," Weiner says. "It's been around since 1954, and most people, if they know Miami Beach, they know Fontainebleau." In addition, he says, Turnberry is an experienced developer that has delivered projects on time and as promised. Furthermore, the resort has 1,000 feet on Miami Beach, and is a brand-new, all-suites, high-end product. "All you have to do is go out and tell the story," he says.
Fontainebleau III's architect is John Nichols. Amenities will include a private owners' lounge, a pool, 24-hour security and valet parking. Other property features include dining, concierge and housekeeping services, several restaurants and lounges, and the famous La Ronde Room. The property also is expanding to include an indoor/outdoor children's facility with a water park with a 260-foot, twisting water slide and a 7,000-sf octopus. Buyers are from the US, Europe and Latin America.
The Muss family owns the Fontainebleau Hilton. Donald Soffer founded Turnberry Associates more than 30 years ago, and currently Jeffrey Soffer leads the company. Turnberry Associates has developed several South Florida landmarks, such as Porto Vita, Turnberry Isle Resort & Club and Aventura Mall, and currently is developing Turnberry Ocean Colony, two 37-story towers and a $15-million resident-only beach club and spa in Sunny Isles Beach. Earlier this year the company earlier began selling Turnberry on the Green, a condominium conversion project in Aventura. Turnberry also is developing two large projects near the Las Vegas Strip: Turnberry Place, a $650-million luxury condo community, and the Residences at MGM Grand, a condo-hotel complex.
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