Trump Group inks $600M contract with Coastal to build Estates at Acqualina, largest ever for condos

The deal comes on the heels of the developers scoring $558M construction loan from Bank OZK

Miami /
Oct.October 25, 2018 01:15 PM

Rendering of the Estates at Acqualina, Jules Trump (Credit rendering ArX Solutions; Credit Jules Trump photo: The Closing)

Trump Group has inked a $600 million contract with Coastal Construction to complete both towers and the amenity villa of The Estates at Acqualina in Sunny Isles Beach, The Real Deal has learned.

The contract, signed Thursday and announced at TRD‘s Real Estate Showcase & Forum, ranks as the largest ever for a condominium project in South Florida.

Earlier this month, Trump Group, led by Jules and Eddie Trump, scored a $558 million construction loan from Bank OZK. That also marked the largest condominium construction loan ever in Miami-Dade County. The $558 million loan includes a $71 million mortgage the developers received last year from Little Rock, Arkansas-based Bank OZK, formerly called Bank of the Ozarks.

Jules Trump said construction is beginning immediately on both 50-story towers of the $1.6 billion project at 17901 Collins Avenue, including on the second tower, whose sales and construction had been put on hold in 2016 amid a slowdown in the market.

“We’re very excited to move forward building the world’s finest residences,” Trump said.

The Estates at Acqualina’s 245 units are now 65 percent pre-sold, he said. Sales are largely from domestic residents from the Northeast, a contrast from previous projects where the development group has seen more foreign buyers.

Condos are priced from $4.2 million to $14 million with penthouses priced up to $35 million. Units will range from 2,917 square feet to 9,000 square feet, and from three to seven bedrooms. The project will also feature three single-family homes. Completion is expected in late 2020.

The development will feature common areas created by fashion and design icon Karl Lagerfeld.

The Estates at Acqualina will also include 50,000 square-feet of amenities including a spa and fitness center with a boxing ring, an ice-skating rink, bowling lanes, a New York trader’s room, movie theater, golfing and Formula One simulators, children’s playroom, a speakeasy and cigar lounge. A restaurant will be announced later this year.


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Nick Woodhouse and Jeffrey Soffer and Turnberry Ocean Club (Linkedin, Fontainebleau, Turnberry)
Authentic Brands prez buys Sunny Isles Beach condo for $5M
Authentic Brands prez buys Sunny Isles Beach condo for $5M
Regalia condominium tower at 19575 Collins Avenue in Sunny Isles Beach (Google Maps)
Regalia association scores $18M settlement in construction defects lawsuit
Regalia association scores $18M settlement in construction defects lawsuit
Laurie Stark and Turnberry Ocean Club (Getty)
Chrome Hearts co-owner Laurie Stark pays $7M for Sunny Isles Beach condo
Chrome Hearts co-owner Laurie Stark pays $7M for Sunny Isles Beach condo
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Lionel Messi and photos of the Regalia unit (Getty)
Goooooool: Lionel Messi’s family scores condo in Sunny Isles Beach
Goooooool: Lionel Messi’s family scores condo in Sunny Isles Beach
The Sunny Isles residential tower. (The Ritz-Carlton Residences)
Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse
Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse
Gil Dezer, Bentley CEO Adrian Hallmark and a rendering of Bentley Residences (Getty, iStock)
Gil Dezer partners with Bentley for luxury condo tower in Sunny Isles Beach
Gil Dezer partners with Bentley for luxury condo tower in Sunny Isles Beach
arrow_forward_ios

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

Loading...