The Trump Group closed on its planned Estates at Acqualina site in Sunny Isles Beach, property records show.
Trump’s A3 Development LLC owned 96.5 percent of the low-rise timeshare resort at 17901 Collins Avenue and bid at least $26 million to buy out the Golden Strand Ocean Villas Resort Condominium. A final sale price is not available in public records, but the developer financed the deal with a $71 million mortgage from Bank of the Ozarks. It will become a construction loan, developer Jules Trump previously said.
The Trump Group plans to build a two-phase, two-tower luxury condo project on the 5.6-acre property. The developer began acquiring units in the timeshare about five years ago, and bid on the entire site in mid-August. Trump plans to demolish the building this year.
CBRE’s Christian Charre, Natalie J. Castillo and Paul Weimer brokered the auction. CBRE and Trump declined to provide a closing amount.
The site has more than 500 feet of oceanfront. It’s just north of the Mansions at Acqualina, completed in 2015, and Acqualina Resort & Spa, completed in 2006.
Trump put the second tower on hold in October 2016 due to the market slowdown. Revised plans now call for a 154-unit, 51-story south tower and a 91-unit, 49-story north tower.
The Estates will feature a lobby designed by Chanel and Fendi creative director Karl Lagerfeld, and Villa Acqualina, a 50,000-square-foot building with a slate of amenities that will include a spa and fitness center, restaurant and Circus Maximus, an ice skating rink, bowling lanes and a movie theater, as well as a Wall Street Trader’s Club room. The property will also feature landscaped gardens, multiple infinity pools, a FlowRider for surfers, a basketball court, bocce court, dog park, soccer field and a beachfront restaurant.
Trump has also said he’s looking at expanding the Acqualina brand, which could include licensing opportunities.