Turnberry Associates

Turnberry Associates
Privately held company
Industry Real estate development
Founded 1967 (1967)
Founder Donald Soffer
Headquarters Aventura, Florida
Website www.turnberry.com

Turnberry Associates is a company owned by Donald Soffer and his family that develops real estate in the United States. It has developed over $7 billion worth of properties.

The company is named after the Turnberry luxury Scottish golf resort on the Ayreshire coastline.[1]

History

In 1967, along with partner Edward J. Lewis of Oxford Development, Donald Soffer purchased 785 acres (3.18 km2) of submerged and undeveloped swamp and marshland facing the Intracoastal Waterway in North Dade County.[1]

In 1970, the company acquired Aventura Club and changed its name to Turnberry Isle Resort & Club.[1]

In 1980, the company opened Turnberry Yacht & Racquet Club.[1]

In 1983, the company opened Aventura Mall.[1]

In the 1990s, the company began plans for Turnberry Place Las Vegas.[1]

In the 2000s, the company built condominium towers at the Fontainebleau Miami Beach.[1]

In 2003, the company partnered with MGM Resorts International to build The Signature at MGM Grand.

In 2011, the company sold an office building in Aventura, Florida for $53 million.[2]

In 2014, the company announced plans to build a 35-story luxury JW Marriott hotel in Nashville.[3]

In 2016, the company broke ground on Turnberry Ocean Club Residences, a 154-unit, 650-foot luxury condominium tower in Miami.[4][5] In 2017, the company got a $259 million construction loan for the property.[6]

In 2017, the company announced plans for the expansion of Turnberry Isle Miami, including a re-branding into a JW Marriott property.[7][8][9]

Fontainebleau Miami Beach

In 2005, the company bought the Fontainebleau Miami Beach hotel for $325 million from Stephen Muss and launched a $150 million renovation plan.[10]

In 2007, the company sold a 50% stake in the hotel to Dubai’s Nakheel Leisure for $375 million after the company faced a cash shortfall.[11]

In October 2008, the company reopened the Fontainebleau Miami Beach hotel after its renovation, with a ceremony featuring Mariah Carey.[12]

In 2013, the company bought back the 50% stake that was previously sold to Nakheel Leisure.[11]

Properties

References

  1. 1 2 3 4 5 6 7 Cordle, Ina Paiva (April 13, 2014). "Soffer siblings expand reach of Turnberry Associates". Miami Herald.
  2. ↑ Donohue, Jennifer (July 13, 2011). "Triarch Capital Pays $53M for Aventura Office Tower". CoStar Group.
  3. ↑ Sichko, Adam (November 10, 2014). "Turnberry to build 35-story luxury Marriott hotel, office tower in downtown Nashville". American City Business Journals.
  4. ↑ Kallergis, Katherine (November 9, 2016). "Soffer's Turnberry Ocean Club to break ground next week". The Real Deal.
  5. ↑ Bandell, Brian (November 10, 2016). "Aventura Mall owner to break ground on oceanfront condo tower". American City Business Journals.
  6. ↑ Cordle, Ina (June 26, 2017). "Turnberry Associates scores $259M construction loan for Turnberry Ocean Club". The Real Deal.
  7. ↑ Bandell, Brian (August 1, 2017). "Turnberry Isle resort announces new branding amid expansion (Renderings)". American City Business Journals.
  8. ↑ RODRIGUEZ, RENE (July 31, 2017). "Turnberry Isle resort announces expansion, renovation". Miami Herald.
  9. ↑ Baumgard, Josh (August 1, 2017). "Turnberry Isle Miami to renovate, expand, and rebrand". Curbed.
  10. ↑ "Turnberry Associates and Stephen Muss Reach Agreement on Sale of World-Renowned Fontainebleau Hilton Resort; Turnberry to Launch $150 Million Enhancement/Renovation Plan" (Press release). Business Wire. January 24, 2005.
  11. 1 2 HANKS, DOUGLAS (December 16, 2013). "Soffers buy out Dubai's share at Fontainebleau". Miami Herald.
  12. ↑ DURAN, JOSE D. (November 16, 2008). "Celebrities Come Out for the Fontainebleau's Reopening". Miami New Times.
  13. ↑ http://www.turnberry.com/portfolio/hospitality/our-properties/turnberry-isle-miami
  14. ↑ http://www.turnberry.com/portfolio/retail/our-properties/aventura-mall
  15. ↑ "Archived copy". Archived from the original on 2016-05-25. Retrieved 2014-09-25.
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