Turnberry Associates Bailing Out Stalled Condo Complex

Turnberry Associates has formed a joint venture with Concordia AG, a major German real estate company, to take over and complete an unfinished fifth building at the Oceania high-rise condominium complex. The deal also gives Turnberry control of a 5.5-acre oceanfront strip in Sunny Isles Beach for future development.

Bruce Weiner, one of three principals of Turnberry Associates, along with founder Donald Soffer and his son Jeffrey, won’t disclose how much the company is paying to join the venture. However, in addition to buying about $40 million worth of land and estimated profits, published accounts indicate that various project liens have to be paid off and certain liabilities assumed.

Construction of Oceania Tower V had been halted at the ninth floor of a planned 28-story building. Turnberry expects to turn the project around quickly by using its reputation to market the property more effectively and by negotiating new terms with subcontractors.

Due to the interrupted construction, the building will not be ready for occupancy early next year, as originally planned. Opening has now been pushed back to the end of 2001.

When work resumes, the new developer plans to upgrade amenities, including fixtures, kitchen cabinets and appliances. The average apartment is expected to sell for about $400,000. As for the oceanfront acreage that comes with the deal and lies just south of the unfinished tower, Turnberry is already evaluating building designs. The developer expects to begin marketing new luxury condos within six months.

Although it sold the luxurious Turnberry Isle Resort & Club, one of the key elements of its Aventura tract along with Aventura Mall, which it still owns, the firm is still among the area’s largest developers. One of its latest local projects, the Porto Vita condominium community, carries an average per-unit price tag of $1.3 million.

More recently, the company has gone west and is now developing two residential projects in Las Vegas, including the $600 million Turnberry Place. This condo complex is rising just a half-block off the Las Vegas strip, with occupancy of the first of three buildings due to begin in December.