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.
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