|
Condo Hotel Center: Property
Alert
February
28, 2005
FINALLY
AVAILABLE!
TRUMP
INTERNATIONAL HOTEL & TOWER, FORT LAUDERDALE
 Joel
Greene here from Condo Hotel Center. FINALLY, after
three months of waiting and wondering, I have received
the green light to tell you about what could be the
most outstanding condo hotel to be built in South
Florida--The Trump International Hotel & Tower,
Fort Lauderdale.
I recently had a 2.5 hour meeting
with the entire development team of the brand new
Trump International Hotel & Tower, Fort Lauderdale,
and I am still tingling with excitement.
I saw and studied renderings, floor
plans and schemata for The Trump, and I was tremendously
impressed. This may very well be the finest property
of its kind in all of Ft. Lauderdale. And while the
developer, Roy Stillman, agreed that the nearby St.
Regis is going to be spectacular (scheduled to open
in Dec. 2005) and that being mentioned in the same
breath is an honor, "The truth is we expect ours
to be even better," he said.
Property Description
The $200 million, 24-story, 298-room Trump International
Hotel & Tower will encompass two buildings on a two-acre,
complete city block. It will have approximately 200
front feet of direct oceanfront and a building plan
that maximizes the ocean and Intracoastal Waterway
views from almost every room.
The 298 units will all be condo hotel
units. They will be made up of 150 studios, 75 one-bedrooms
and 73 two-bedrooms. There will also be a four-level,
all valet, parking garage.
Every single unit will have its own
large terrace. And the top five floors of this 24-story
building will have units with such great height, such
large terraces and such magnificent views that these
units will be equivalent to most buildings' penthouse
units.
The Trump International Hotel & Tower
will occupy a
complete city block overlooking the ocean. (Artist's
rendering.)
Less Floors, Higher Ceilings
in Each Unit
The property was originally conceived as a 25-floor
building, but the height was scaled back so that each
floor would have nine foot ceilings. Now I know that
unless your name is Yao Ming or Shaquille O'Neal,
the difference between a nine-foot ceiling and one
that is a mere 8' 6" is lost on you, but when
five stars are to be awarded by AAA and Mobil, it
is what is expected.
If you're a towering 5'8" like
I am, you may not even notice the little things like
ceiling height. What you will notice, however, is
all of the other ideas and concepts that will make
this property the new benchmark for luxury and opulence.
A Dream Team of Architects
Part of the sizzle of this property, besides the Trump
name, is the fact that world-renowned architect, Michael
Graves, was chosen to do the project in conjunction
with local architect, Oscar Garcia, who has crafted
an equally impressive resume of South Florida properties
of his own.
Stillman's understanding with the
Donald was that the quality of this property had to
meet the level of Trump's luxurious One Central Park
West condo hotel in Manhattan. Stillman told me, however,
that it was his plan "to substantially elevate
the Trump standard." He said he wanted something
so eye catching that it would sharply stand out from
anything on the Fort Lauderdale Strip. What Graves
and Garcia ultimately designed should do just that.
A High-Drama Look
The front of the building has gently sloping curves
that give the building's front a very unique, rounded
appearance. The buildings will be painted yellow and
blue to capture the essence of Ft. Lauderdale, the
sun and the ocean.
Art Deco circular windows will jut
out in the middle of the front and the rear of the
building, giving you the feel that this is definitely
not a cookie-cutter type hotel. Even the rear of the
building is every bit as attractive as the front,
something its neighboring hotels can't say without
winking.
When you arrive as a guest, you will
pull up to this brilliantly crafted circular atrium
between the two buildings and will step into a signature
lobby with a dramatic entrance. We're talking imported
marble floors and 20-foot ceilings. There will be
nothing comparable to it on Ft. Lauderdale's beach.
Stillman wanted "something people
will remember when they walk in this building"
and Graves responded with a lobby that may be as much
as five times the size of the Atlantic Hotel, an impressive
five-star Fort Lauderdale hotel that in this developer's
opinion is "only 1/10th as luxurious as what
we have planned."
Another little Michael Grave's special
touch is the convenient, pedestrian-friendly walkway
that connects the front building to the 24-story tower.
And these special touches in the building's common
areas and exterior do not stop there.
Impressive Interior Design
The individual units reveal an interior design inspired
by the feel of the 1920's French Cruise Liners like
the Normandie and Ile de France. The theme is modern,
but with 1920's heritage. Plus, every possible luxury
and comfort you could imagine. For example, in the
bathrooms, you'll find four fixtures in the studios
and five, including two sinks, commode, and separate
showers and tubs in the one- and two-bedroom units.
Everything You Could Imagine
The building closest to the ocean is six stories and
will have an upscale five-star restaurant with residential
condominiums on the 2nd-5th floors. And on the 6th
floor, a large function space will be well-suited
to handle weddings and catered events. If the party
needs a change of venue, let the guests spill over
to the adjacent tower's pool deck area with its oversized
1,600 plus sq. ft. swimming pool and spectacular ocean
views.
Need a break from the sun? Grab some
shade at any of five cabanas, two spas, a 3,000 sq.
ft. health spa and a 1,700 sq. ft. gym. If you're
one of those people who can never get enough of the
pool and ocean views, you might consider purchasing
one of their three poolside duplexes.
Sizing Up Trump
Just the size alone will make this property stand
out on the Fort Lauderdale Strip. The 298-room condo
hotel is more massive than would be allowed under
today's development rules. But the city of Fort Lauderdale
could do little to change the project because an earlier
version of the condo hotel was approved in 2001, and
that approval is still valid.
Nevertheless, as a compromise, the
redesigned hotel has 22 fewer units than first approved,
and the main restaurant has been reduced in size.
The Surroundings
Most of Fort Lauderdale's oceanfront was first developed
in the 1940s and 1950s. Once the favored haven for
college spring-breakers, its renaissance as an upscale
resort area has proceeded in fits and starts.
A revitalized beach, in tandem with
the county's dynamic airport and port, will put the
city in a new light on vacation maps nationwide. Signs
of the transformation are everywhere. Many of the
older, smaller buildings have already been torn down.
New construction is underway. Fort Lauderdale will
ultimately encompass some of the finest new condos
and hotels in all of Florida.
Next door to The Trump stands the
new The Atlantic condo hotel, the first of the new
luxury resorts and a Starwood Luxury Collection property,
opened last year. At least eight major beachfront
condo hotels were approved several years ago and are
now in development, including the Q Club to be run
by Hilton, the W Fort Lauderdale Hotel & Residences
and the aforementioned five-star St. Regis. These
upscale properties will enable the local visitors'
bureau to reposition Fort Lauderdale as one of Florida's
most upscale resort areas.
The Trump Fort Lauderdale will
be in good company. Shown here next to The Trump
is the Atlantic condo hotel. Other nearby condo
hotels include the Q Club, the W Ft. Lauderdale
Hotel & Residences and the St. Regis.
Living Restrictions
The Trump Fort Lauderdale has no living restrictions
as of yet, but it is located in a hotel-zoned area
and therefore, it is still unlikely that you will
be able to make the Trump your permanent home.
The city of Fort Lauderdale hopes
to create a posh tourist destination at the beach.
To that end, they grappled with the new form of hotels-condo
hotels. Generally, city officials don't want condo
residents on the central beachfront; they want hotel
tourists. So they recently announced plans to pass
a new law to better define "hotel."
Specifically, they want any buyers
of units in condo hotels to know they can't stay more
than 30 days at a time, three times a year. The Trump
Fort Lauderdale will have to abide by these guidelines
and could even impose additional living restrictions
as they see fit.
Information for Investors
For those of you considering this property with the
intention of flipping it, please know that the developer
is not allowing contracts to be reassigned prior to
closing. This is pretty typical
these days, but I wanted to be sure you were aware
of this fact.
The Trump Fort Lauderdale will be
managed by the highly-qualified Trump organization.
The rental split has not yet been determined. My Trump
contact says it will be "favorable" to the
unit owner, but could not say what the percentage
breakdown would be.
Although the rental income is of course
a factor worthy of consideration, as I often say with
regard to condo hotels as investments, your focus
needs to be on appreciation. And when it comes to
appreciation, nobody does it better than Trump. Case
in point: Early buyers at Trump International Hotel
& Tower, Chicago, which opened for sales in September
2003, have already seen their purchased suites increase
up to 95% in value.
Construction to Begin Soon
I was at the Trump Fort Lauderdale site last week,
and the old Gold Coast and Merrimac hotels on the
Trump site have just been demolished. The site is
being prepared. Current plans call for construction
to begin in June 2005 and to be completed by March
2007.
Expect a Fast Sellout
In my meeting with Stillman, developer, he said to
me more than once, "We have put together a sensational
property, one that we expect to sell out fairly rapidly."
Judging by the level of interest I've had just from
my clients, I don't doubt his statement.
One other relevant tidbit, lest you
have any doubt that this Trump condo hotel will sell
out quickly. The $220 million, 52-story condo complex
in downtown Tampa being built with the Trump name
had its official sales launch on February 19, 2005.
At the launch, which The Donald himself
attended, it was announced that 98% of the 190 units
were already spoken for, and the balance would go
to people on a waiting list. Even Trump joked there
was little need for such a lavish affair to drum up
sales.
Deposit Requirements
To reserve a Trump Fort Lauderdale condo hotel unit,
the developer is requiring 5% of the purchase price.
Another deposit of an additional 5% is required at
contract. You should be presented with an actual Florida
contract in about 60 days. A final additional 10%
deposit will be required for a total of 20% down,
upon commencement of construction.
The Next Step
If you are interested in a Trump Fort Lauderdale condo
hotel unit, I can provide you with my data sheet that
gives a few more details on the project as well as
explicit instructions on how to reserve a unit. To
get this data sheet, please DO NOT CALL!
Instead, please reply
to this email with your:
NAME
ADDRESS
PHONE NUMBER
EMAIL ADDRESS
When I receive your completed information,
I will email you the data sheet along with a cover
letter that explains how to proceed. My advice to
you is this: if you are sincerely interested in
this property, MOVE QUICKLY! There are a limited
number of units and an unbelievable amount of interest
in this project due to the Trump name.
I fully expect to be inundated with
requests. (Two weeks ago when I sent out information
on the Cosmopolitan, Las Vegas, I received 140 requests
for reservation forms in the first 48 hours).
As always, thank you for your interest
in news from Condo
Hotel Center
and for the opportunity to tell you about this
exciting new property.
Have a great day!
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
www.CondoHotelCenter.com
|
