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Whiskey Tango Foxtrot
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55,632 Posts
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A new tower is expected to join the burgeoning cluster of highrises along the beach in Sunny Isles. Donald Trump will likely be the developer.

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New towers expected on site of terminated Sunny Isles condo



Golden Strand Ocean Villa Resort files termination plan as precursor to auction

June 24, 2014 02:15PM
By Peter Zalewski

A new Sunny Isles Beach condo project could to be in the works for an oceanfront site where an existing two-building condominium complex was just terminated.

At a time when 14 new condo towers have been announced for Sunny Isles, the president of the Golden Strand Ocean Villa Resort Condominium Association signed paperwork terminating the 32-year-old timeshare condo project at 17901 Collins Avenue effective as of June 16, according to Miami-Dade County records. The termination clears the way for the existing Golden Strand Ocean Villa Resort condo complex, comprised of a pair of mid-rise buildings with 152 residential units, five commercial units and a parking lot on the west side of Collins Avenue, to be sold at an auction to a winning bidder.

With the recovery of the South Florida real estate market, the new owner of the Golden Strand Ocean Villa Resort project will almost assuredly consider replacing the existing five and six-story buildings on the site with at least one new high-rise condo tower.

Under the “Plan Of Termination” filed with the county, a Delaware-based entity called GSF Acquisition LLC and its affiliates, which collectively own at least 80 percent of the voting interests in the Golden Strand Ocean Villa Resort, “executed” the legal process to formally disband the association.

As part of the termination process, GSF Acquisition entered into an “agreement of sale and purchase” with the Golden Strand Ocean Villa Resort Association to acquire the complex for an unannounced price “immediately after the termination of the condominium.”

GSF Acquisition is reportedly an entity managed by attorney Brian T. Degnan of the Aventura-based condo development company Trump Group, which purchased 134 units in the Golden Strand Ocean Villa Resort for $28.3 million in January, according to the South Florida Business Journal. The Trump Group – founded by brothers Jules and Edmond – developed many of the condo towers on Williams Island in Aventura across the Intracoastal Waterway to the west of Sunny Isles Beach.

In Sunny Isles, the Trump Group developed the 50-story Acqualina Ocean Residences & Resort condo tower with 247 units at 17885 Collins Avenue in 2006. The project sold out for more than $290 million, according to government records.


The Acqualina condo tower is located immediately south of the Golden Strand Ocean Villa Resort.

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If GSF Acquisition is the winning bidder, the existing purchase agreement would remain in place but could be “increased” to reflect the group’s final bid at the auction. If GSF Acquisition fails to win the auction, the group’s “purchase agreement shall be superseded by the purchase agreement between the association and the prevailing bidder,” according to government records.

An auction date was not set in the condo termination plan.

A Trump Group representative declined comment.

As of Monday, more than 1,800 units are proposed, planned, under construction or recently completed in this market during the latest South Florida condo construction boom, according to CraneSpotters.com.

[...]


If Trump wins as expected, the new tower will likely be about 50 stories and over 600 ft. tall.
 

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One Brickell CityCentre
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13,121 Posts
If Trump wins as expected, the new tower will likely be about 50 stories and over 600 ft. tall.
I wish he would put a supertall in downtown Miami on the old Empire World site.
 
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