Lebensohn: We’ve visited scores of real estate projects throughout South Florida and believe Trump Hollywood is the most elegant, upscale condominium development on the beach. The amenities, floor plans, and overall architecture and design of the tower make it stand out above all the rest—from Fort Lauderdale to South Beach.

From a business standpoint, there is very limited new developer inventory on the beach and the market has already absorbed severe price adjustments and begun a new cycle. This past year, we’ve had great success at our other beach condominium projects and believe that will continue over the next few years. We also were fortunate to acquire the asset at a cost that allows us to price the residences at a level that should prove compelling to prospective purchasers.

LeClaire: How does this compare with other properties in your portfolio?

Lebensohn: Without question, the addition of Trump Hollywood elevates the BH3 portfolio and we look forward to continued growth and development in 2011. The project also complements our other beach properties, which include Terra Beachside and Fontainebleau Ocean Club in Miami Beach.

LeClaire: You have planned a relaunch for January. What are you doing to prepare for the relaunch, specifically?

Lebensohn: We’ve retained Fortune Development Sales in collaboration with The Related Group to oversee sales and marketing of the project. We also appointed an advertising agency and public relations firm, and, of course, will continue to leverage the marketing value and insights of the Trump Organization.

Under our direction, these top-tier companies will be working with us to develop a comprehensive campaign to relaunch Trump Hollywood in the New Year. Everyone understands the goal is to make brokers and potential buyers fully knowledgeable of our ownership opportunities and aware that Trump Hollywood is once again “open for business.”

While Trump Hollywood definitely has attracted South Floridians in search of an upscale beach residence, we understand this is a global project that also caters to an international audience. We will focus our efforts—whether they’re events, sales outreach, advertising or any other marketing function—throughout the U.S., Canada, Latin America and Europe. For example, Fortune Development Sales has a strong network in South America and we already have a sales trip planned there later this month.

Finally, we’ve established new pricing for the condominiums at levels that the savvy buyer will recognize are truly valuable. We believe it represents a tremendous deal for those desiring a truly upscale condo on the sand.

LeClaire: What do you see as the biggest challenges to turning this property around?

Lebensohn: The property doesn’t need to be “turned around.” Everything is completely in order from the construction to our first-rate staff and operational team. It’s a magnificent asset that unfortunately stagnated for a time due to a host of market and legacy issues that no longer exist. Now with a fresh slate, we look forward to reintroducing Trump Hollywood to the world.

LeClaire: How will you overcome those challenges?

Lebensohn: It may sound simple, but we believe the key is bringing people—both brokers and end users—to the property. Time and time again, we’ve seen them walk in the door and just be overwhelmed by the project and what we’re offering.