MIAMI The developer of Turnberry Isle Resort & Club plans to complete a deal this week that will give it control of a rare 5.5-acre oceanfront strip in Sunny Isles Beach for the development of the Oceania Towers resort. The condominium-resort project is expected to be completed in December 2001.
Turnberry Development formed a joint venture with Concordia AG, one of Germanys largest real estate companies, to build the Towers. The deal will also give Turnberry Development the right to complete the fifth and final tower planned for the resort project construction on which had stalled at the ninth of 28 floors.
Officials declined to say how much Turnberry will pay for the land, which some say is worth $40 million. However, they said the price promises to pay off project liens and assume some legal liability. (9/7/00)