Turnberry Associates has chosen ONE Sotheby’s International Realty as its exclusive sales and marketing firm for Turnberry Ocean Club, in an aim to capitalize on the agency’s widespread affiliate network.
Through the partnership, Turnberry Associates hopes to boost sales of the 54-story luxury condominium both domestically and internationally, said Dan Riordan, president of residential development of Turnberry Associates. “We think it will enhance and help us reach markets we are currently in, and reach other markets,” he told The Real Deal.
“When you think of Sotheby’s Realty, in Miami or anywhere in the world, you associate it with luxury real estate sales, and that appeals to us. We’re brand conscious and it is just a good fit,” he said. “We think the timing is perfect and we want to get it in place before the season starts.”
ONE Sotheby International Realty has affiliates throughout the world, and Mayi de la Vega, founder and CEO, said she frequently travels to meet with other brokers. “From our affiliates that own Israel to affiliates in Washington, D.C., Boston, Chicago and New York, I think we will be able to bring a very interesting group of buyers to this project,” she told TRD.
Turnberry Ocean Club, at 18501 Collins Avenue, represents the firm’s first development property in Sunny Isles Beach. De la Vega said she plans to focus on the Northeast — particularly targeting New York — as well as other U.S. cities, Mexico, Peru and Colombia. Her team will be marketing the project at PINTA, the largest Latin American art fair during Art Basel Miami Beach; and this winter, she will host a VIP event with Turnberry Ocean Club in Paris and Brussels.
The luxury condo market in Miami-Dade County has been slowing in recent months, amid a strengthened U.S. dollar and a build-up of high-priced inventory. Many developers are now banking on the domestic market to make up for weakening foreign sales.
So far, Turnberry Ocean Club’s sales “are going great,” said Riordan, declining to provide a percentage of units sold. The 154-unit tower, with prices ranging from $4 million to $35 million, began converting to contracts about six months ago, and opened its $5 million sales center in July. He said a demolition permit is expected this week, and he anticipates starting construction by the end of the first quarter of 2016.
“Latin America has been our biggest market: Brazil, Argentina, Mexico, Venezuela, Peru, Chile, Ecuador and Colombia, and then the Northeast,” Riordan said. “Metro New York is really big for us and Canada and Europe after that — England, Germany, a few from Russia, Italy and France. We’ve had a few from the Middle East, and we think that will pick up.”
Turnberry Ocean Club will feature three-, four-, five- and six-bedroom units, from 3,000 square feet of interior space to 11,000 square feet, and from 4,000 square feet to 20,000 square feet, including terraces, Riordan said.
The tower also will have 70,000 square feet of amenities, including a $100 million Sky Club with cantilevered “sunrise” and “sunset” infinity-edge swimming pools suspended 333 feet above sea level, indoor and outdoor fitness centers, a blow-dry bar and nail salon, yoga and Pilates studios, a pet retreat, a pool bar, two restaurants, a 3,000-square-foot indoor and outdoor private dining area, and an an indoor and outdoor cocktail lounge.
“I was very attracted to this project because Turnberry has heritage,” de la Vega told TRD. “It’s a luxury brand and we’re a luxury brand….We share in the vision to market this property in both the national and international markets.”