Susan Hayden

Porto Vita

One of Turnberry Associates’ most notable Florida developments started as a mere cocktail napkin sketch by company founder Donald Soffer more than 30 years ago. Soffer had a vision for what was originally a 785-acre tract of marshland; today, that tract makes up the prestigious city of Aventura, a self-contained city revolving around golf courses, lakes, bike and exercise paths, exclusive condominiums, hotels, shopping centers, office buildings, banks and more.

Since Soffer’s original napkin sketch, Turnberry Associates has become one of the country’s leading full-service real estate development and property management firms. The company has developed more than $4 billion in commercial and residential property, including 20 million square feet of retail space, some 3,000 luxury apartments and condominium units, 1.5 million square feet of Class A office space and more than 3,100 hotel and resort rooms. Turnberry’s office developments have included spiraling skyscrapers and mid-size towers with unique architectural and artistic elements. Projects have included One Oxford Centre in Pittsburgh and Turnberry Plaza and One Turnberry Place in Aventura. With office development currently on the back burner, due to effects of the recent economy, Turnberry is focused on retail and residential development, according to Drew Barkett, director of retail development and real estate.

Aventura Mall

One of Turnberry Associates’ most accomplished shopping centers, Aventura Mall, is ranked within the 10 top-grossing centers in the nation. The 2.3 million-square-foot super regional mall, anchored by Bloomingdale’s, Macy’s, Burdines, Lord & Taylor, JC Penney and Sears, is currently preparing for some aesthetic enhancements as well as upgrades to common areas and a new escalator in the Piazza, the mall’s dining and entertainment area and food court. The high-end center is renowned for consistently leasing to the top names in retail, such as Apple Computer, Furla, Coach, Kenneth Cole, Lladro, Movado, A/X Armani Exchange, Urban Outfitters, Boss Hugo Boss, Sisley and Diesel.

Turnberry Associates executives pay a great deal of attention to each center’s tenant mix and its long-term effects, and meet weekly to focus on retail goals and the tenants it is trying to attract. “You’re really as good as the tenant mix that you have in your projects,” Barkett notes. “We focus on the quality of tenants in our strip and power centers, and our lifestyle and enclosed shopping centers. We have a great track record with our nationals, but I think we bring a different type of flavor in with the locals that makes us stand out.”

Destin Commons

One of Turnberry’s newest retail projects is Destin Commons, a unique open-air town center that will feature upscale shopping, casual and fine dining, a 14-screen, stadium-seating movie theater and 70,000 square feet of office space. Located in Florida’s affluent Great Northwest, the center is situated at Highway 98 and Mid Bay Bridge Road — the most direct route to Destin for its 5 million arriving vacationers. The major intersection in Destin has more than 75,000 cars driving by each day. Major anchors include Belk, RAVE Motion Pictures and Bass Pro Shops Worldwide. With over 70 retail tenants, the list includes Abercrombie & Fitch, Aldo, Ann Taylor Loft, Benetton, The Bombay Company, Cache, Chico’s, Cold Stone Creamery, Hollister, Johnny Rockets, Jos. A. Bank, Limited Too, Metropolitan Deluxe, Starbucks, Swim ‘n Sport, Talbots, Victoria’s Secret, White House/Black Market and Zoo Gallery. Destin Commons will also feature trendy and entertaining restaurants such as Ortanique and Bravo! Cucina Italiana. Destin Commons will open in early November.

The company’s newest retail acquisition includes six shopping centers throughout the state of Florida, purchased for $73 million in a joint venture between Turnberry and Schiff Companies, a 40-year-old South Florida-based developer. The six centers — two located in South Dade County; two in Tampa; and one each in Jupiter and Stuart — were purchased from American Capital Partners. With strong anchors such as Publix, the centers total more than 835,000 square feet of retail space, bringing the total of strip centers owned by both companies to more than 2 million square feet. “By all accounts, it was a homerun for all parties involved,” says Barkett. “We took virtually 90 percent of the vacancies and either have a tenant in place or soon to be opening in one of the shopping centers.”

“In addition to our retail division, I think we are certainly one of the best residential developers of luxury living in America today,” says Barkett. “It’s the quality of life we bring to the table with our concierge living, from spas and workout facilities to world-class chefs to entertainment components. We develop the ultimate in luxury living.”

Turnberry has built numerous South Florida landmarks and has set the standard for upscale living in Aventura with its creation of Turnberry Isle Resort & Club and Porto Vita, 370 luxury apartments located in two Italian mid-rise buildings and two towers, plus 24 waterfront townhouses.

The company is currently developing Turnberry Place, a $600 million luxury condominium community a half block off the fabled Las Vegas strip. The development is comprised of 740 condominiums in four 36-story luxury residential towers with gated entry and 24-hour security. Other amenities include the Stirling Club with European spa, tennis courts, pool, casual and gourmet dining, a disco and a bar/lounge.

Also under development is Turnberry Ocean Colony in Sunny Isles Beach, Florida. Located on the ocean midway between Bal Harbour and Golden Beach, the project will feature two 37-story towers and a $15 million resident-only beach club and spa. The community will offer two- to five-bedroom residences, priced from $1 million to more than $4 million. Each of the two towers will consist of approximately 130 units, all with private direct-entry elevator lobbies and individual security systems. The 35,000-square-foot beach club and spa will include an oceanfront dining room, cocktail lounge, card room, swimming and tanning pools, and a European-style spa with a state-of-the-art fitness center.

Fontainebleau II

Another current project is Fontainebleau II, a condominium-hotel being built at the Miami Beach resort, Fontainebleau Hilton. The new ultra-exclusive, $230 million condo-hotel is more than 80 percent sold out. The 36-story tower, located on the south end of the resort, is under construction and scheduled for completion in late 2004. Turnberry is also in a joint venture with MGM Mirage to build a luxury condominium-hotel complex on the northeast end of MGM Grand resort’s 115-acre property. Groundbreaking is tentatively scheduled for the second quarter of 2004 and will result in potentially six 40-story towers on the resort property.

Recently, the company opened Turnberry on the Green, an exclusive rental enclave overlooking the Turnberry Isle Resort & Club Golf Course in Aventura. Turnberry on the Green features a 27-story residential tower with 377 units and a two-story, resident-only fitness center and spa.

Much of Turnberry’s growth is taking place in Florida, but the company is also working on projects in New Jersey, Pittsburgh, Las Vegas and Los Angeles. And like any other developer, the company seeks out the strongest demographics possible. “Strong demographics are always a developer’s dream,” says Barkett, “and we have a tendency to follow that path. We embrace areas with above par disposable income and follow the industry’s growth rate.”

Tourism also plays a key role in certain developments, says Barkett. “If it’s a resort area, it’s a fresh customer coming in each week with money to spend,” he notes. “And when you’re on vacation, you’re not pressed for time, so you actually have time to enjoy the area’s amenities and shopping experience.”

In the last 2 years, Turnberry has had more retail and residential projects on the company plate than ever before, with four to six retail projects in the hopper and more than $2 billion under development. Future growth will center on anchored lifestyle shopping centers, which seem to grab the attention of both retailers and communities alike, Barkett says. Retail projects in the planning stages include Davie Commons and Aventura Crossings in Florida and Genessee Valley Center in Michigan.

“We’re looking for opportunities like Destin Commons to further explore these anchored lifestyle shopping centers,” says Barkett. But there are times to grow and times to be conservative, he adds. “Even in a down economy, there are a lot of options out there, but you need to pick and choose wisely. We’ll never put a number on the projects we intend to build each year. We wait for the right opportunities to come along that make sense for Turnberry’s signature of quality.”

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