Trump Group closes on Estates at Acqualina site in Sunny Isles

Developer nabbed $71M loan from Bank of the Ozarks

TRD MIAMI /
Sep.September 28, 2017 03:45 PM

Aerial view of the property and Jules Trump (Credit: the Trump Group)

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.


Related Articles

arrow_forward_ios
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Gil Dezer with a rendering of Porsche Design Tower and Residences by Armani/Casa (Credit: ARX via Madison Global)

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits
A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property.

RK Centers alleges restaurant refused Covid relief, vacated property

RK Centers alleges restaurant refused Covid relief, vacated property
Alexander Nabutovsky and Regalia

Blockchain firm founder pays $5M for Regalia condo

Blockchain firm founder pays $5M for Regalia condo
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Joseph Milton and Parque Towers

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos
Rendering of GPI Real Estate Group’s Infinity, a previously planned 15-story mixed-use project

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit
Arden Karson

Arden Karson launches real estate firm during Covid

Arden Karson launches real estate firm during Covid
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...