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Condo Hotel Center: Property
Alert
September 30, 2004
PRICE
HIKE COMING AT ATLANTIC VILLAGE HOTEL & MARINA
Over 70% of Units Sold in Dania's First Condo Hotel
 Hello.
Joel Greene here from Condo Hotel Center.
One
of my objectives in writing these Property Alerts
is to apprise you of upcoming price increases so that
you can get in under the wire, so to speak. I have
one of those situations today, and it is at one of
my favorite properties, The Atlantic Village &
Marina, in Dania, just on the southern fringe of Ft.
Lauderdale.
In this case actually, the price increase
has already occurred. However, because of our long-standing
relationship with the project's developer, buyers
from Condo Hotel Center can still purchase units at
the old prices until tomorrow, Saturday, Oct. 2, 2004
at 5:00p.m.
Those of you who've subscribed to
my Property Alerts for a while will remember my first
write-up about the The Atlantic Village back in June.
So let me give you the price hike information now,
and then I'll go back and review the details about
this development.
Price Increase
on the Most Popular A & B Models
All Unit A Deluxe models which have been priced from
$315,000-$329,000 are now priced at $345,000-$359,000.
The Unit A Deluxes are 480.8 sq. ft. with one-bedroom,
one-bath and no kitchen. They are fully furnished.
There are 18 Unit A Deluxe's left, primarily on floors
2 and 3 of this 8-story building.
All Unit B Junior Suites which have
been priced from $358,000-$372,000 are now priced
at $395,000-$409,000. The Unit B Juniors are 555.5
sq. ft. with one-bedroom, one-bath with kitchen. They
too are fully furnished. There are 24 B-units left,
primarily on floors 2, 3, and 4.
As I said, in reality, the price increase
has already occurred. In fact, if you go to the website
for The Atlantic Village & Marina, www.avhm.net,
you will see the higher pricing has already been implemented.
However, as a reader of Condo Hotel Center's Property
Alerts, you still have a chance to get in at the old
prices. Now let me give you some of the background
on this great property.
The Property
The Atlantic Village Hotel & Marina will be located
on a 10-acre site surrounded by water. It will have
a large, deep-water marina. It sits right on a river
that leads to the intracoastal, which puts you boaters
just 30 minutes away from smooth sailing on the Atlantic
Ocean by way of Port Everglades.
The condo hotel will contain an actual
island where guests will enjoy a Mickey Mouse-shaped
pool and tiki lounge while watching boats cruise in
and out of the marina.
Atlantic Village will consist of
349, five-star units, an 80-private boat slip marina
and a 125,000 sq. ft. Class-A office building with
over 1,000 parking spaces in two garages to accommodate
the hotels and offices.
Of the 349 condo hotel units, already
245 have been sold, even though the property has only
been on the market since early this year. Construction
will begin summer of 2005 and should be completed
in summer 2007.
Guest Amenities
The Atlantic Village will have impressive amenities
including:
- A European spa
- Magnificent porte-cochere entry
- Beautiful lobby and common areas
decorated by award-winning designers
- Heated swimming pools and Jacuzzi
- Tennis courts
- Poolside café and bar
- Private pool cabanas
- Indoor and outdoor gourmet dining
- Elegant private reception areas
- 20,000 square feet of ballroom
and conference facilities
- A 1,200 sq. ft. business center
- World-class concierge service
- 24-hour room service
- 24-hour doorman
- 24-hour housekeeping services
For the Investment-Minded
Buyer
Everything from the water, the location and the supporting
structure will contribute to the condo hotel's success.
I should mention that this property is being built
primarily for the investor who wants a piece of a
thriving hotel, not so much for someone who wants
a condo hotel as a second home.
The owner, a master promoter who
remains your 50% partner once he has sold out all
of the units, will make this hotel a huge success
and wants as many units in the rental program as possible
to ensure it.
A hotel management company has not
yet been chosen. However, as a five-star property,
the developer is determined to get the best available,
and is currently considering companies like Hilton,
Fairmont, Starwood and Intercontinental among others.
A final decision should be coming shortly.
Who Is This
Developer?
Bayard's family started Spec's Music stores in 1948
and built it up to over 80 stores before selling out
their interest to Camelot Records five years ago.
Bayard, an investment banker, now approaching 50 began
working with his family's retail chain from the age
of 18. As a music producer, Bayard enjoyed a string
of hit records with Capital/EMI records in Los Angeles
and Bayard with his wife Elizabeth have launched some
of South Beach's most famous night clubs and restaurants.
Bayard said to me, "I'm committed
to making this hotel successful. I want it to run
99.9% occupied all year round. I want this hotel to
have people waiting to get into the #1 hotel in the
Southeast." Not a bad partner to have minding
the store when you own a unit. You just gotta love
his enthusiasm!
Designed to Be
an Eye-Catcher
The Atlantic Village was designed by two of Miami's
best architect companies, Sieger-Suarez, in a joint
effort with EGS2. Together, they are responsible for
practically creating the skyline of the beaches of
South Florida with their architectural innovations.
Portifino, Trump Ocean Grande, The Murano Grande,
ICON, Pinnacle, Hidden Bay, and Ocean One, Two and
Three to name just a few of their most notable design
projects.
When completed approximately three
years from now, the Atlantic Village condo hotel will
be a $100 million project (not including the office
building) and will be a hip, upscale, quality hotel
with a feel that is similar to a Four Seasons.
In Good Company
The Atlantic Village will be in good company. The
site is adjacent to a 388-room Wyndham Hotel and is
across the street from the 250-room Sheraton Design
Center of The Americas, right along I-95, South Florida's
most important North-South highway.
With the addition of Atlantic Village to the market,
all three properties will benefit. Each can now bring
larger conferences to their facilities, knowing that
there are more first-class rooms in the immediate
area to accommodate their overflow guests.
What a Location!
Within minutes of the property is the entrance to
the Ft. Lauderdale/Hollywood International Airport
which brings in 55,000-58,000 people every single
day. Atlantic Village is also just 30 minutes from
Miami International Airport.
Along with the very popular Design
Center of the Americas adjacent to the Sheraton, Atlantic
Village is close to many area attractions, including
the elegant shops on Las Olas Boulevard and in the
Galleria Mall, the Broward County Convention Center
and its Center for the Performing Arts, Pro Player
Stadium (Go Dolphins!), Bass Pro Shops with its 160,000
sq. ft. of outdoor sports equipment, and its namesake,
the Atlantic Ocean.
Atlantic Village is just minutes
from Port Everglades, the largest cruise port in South
Florida which almost 6,000 ships a year call home.
Often, cruise passengers will package their cruise
with a visit to the South Florida area and a stay
in a local hotel before or after their voyage.
If you like a little nightlife, try
your luck at the brand new Indian-owned Seminole Hard
Rock Hotel & Casino, only five minutes from Atlantic
Village. This 500-room Mediterranean-style tower,
on nearly 100 acres, features a colossal 130,000 square-foot
casino and a soon-to-be Downtown Disney-type entertainment
complex.
The Seminole Hard Rock is the closest
thing to Las Vegas-style entertainment in south Florida.
Visitors will soon have even more options when Seminole
Paradise debuts this year. The 300,000 sq. ft. retail
area will boast more than 30 shops, 11 restaurants
and 11 nightclubs, a 5,600-seat concert venue and
an amphitheater.
How Do You
Get One?
At this point, it only takes a $2,500 cancelable reservation
to get your unit. 10% of the purchase price, inclusive
of the $2,500, will be due at contract in about four
to five months, and an additional 10% will be due
roughly six months later when permits are issued and
construction begins. A scheduled completion for the
project is summer 2007.
One Last Perk
Here is the one thing that this property offers that
no other does--the right to assign your contract.
This is highly unusual and potentially very valuable
to you as a buyer. For a $10,000 fee, the developer
will allow you to assign your contract to another
buyer.
Therefore, you can buy now at pre-construction
prices and do any of the following:
- Hold short-term and make a nice
quick profit once prices have increased by assigning
your contract to another buyer
- Hold long-term for more appreciation
and a bigger profit
- Hold indefinitely and enjoy being
part of "the #1 hotel in the Southeast"
while receiving a very healthy rental income
A Final Word
on the Price Increase
If you want more information, I've put together a
data sheet with the facts and figures on this condo
hotel. Just reply to this e-mail and I'll send it
right out to you. However, you'll want to keep in
mind that the discounted price that we can offer you
ends tomorrow, Saturday, at 5:00 p.m.
If you are interested in this property
but these particular units are not what you're looking
for, be sure to contact me. I have availability of
other units not affected by this price increase and
can provide you the details upon request.
Just one more thing, the increase
in price on the A and B units at this time will not
be the last. The developer has currently sold out
70% of the project which translates to $68 million
worth of condo hotel units. When he sells 15 to 20
more units, taking the totals up to $80 million, he
will likely have another 5% increase across the board.
There may be even more price hikes
before they sell out completely; that is not yet determined.
Nevertheless, those of you who jump on one of the
remaining A or B units will likely see 15% or better
appreciation, long before even putting up your first
10% deposit.
Feel Free To Pass Along These Property
Alerts As always, thank you for your interest in news
from Condo Hotel Center. Please feel free to share
this newsletter with friends whom you think might
enjoy it. They can sign up for themselves on our web
site at www.condohotelcenter.com.
If you no longer wish to receive
our Property Alerts, just reply to this email and
write "unsubscribe" in the subject line.
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
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