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Turnberry Sells 50% Stake in Condo Project

SAN FRANCISCO-Group 24, a Miami-based developer, is now an equal partner in Turnberry Tower, a $300-million, 40-story tower slated for the Rincon Hill neighborhood.

By Brian K. Miller | Updated on November 05, 2008

SAN FRANCISCO-Turnberry Ltd. of Miami has sold a 50% stake in a planned 40-story luxury condo tower in San Francisco’s Rincon Hill neighborhood to Group 24 LLC, a new equity investment vehicle of Mike Zoi, a Miami-based entrepreneur and investor. Slated for 45 Lansing St., near First and Harrison, the $275-million endeavor is the first in California for Turnberry, which is known for its luxury residential developments in Florida and Las Vegas.

While the financial details of the partnership were not immediately available, GlobeSt.com has learned that the $275-million represents the total development cost of the project, versus a gross sell-out value of approximately $350 million. Turnberry president Bruce Weiner tells GlobeSt.com that all the necessary entitlements and approvals have been finalized, permits have been pulled and impact fees paid and that excavation for the subterranean garage should begin in the first quarter of 2009 and that the entire project should take 30 months to complete.

Due to turmoil in the credit markets, Weiner says final construction financing has been delayed. “That said, the major banking participants are fully committed and the consortium is being assembled,” he adds.

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