This is something I produced for "the machine", but it's true the bubble is finished. Check out politics now
Not Everything Has Crashed- New Construction in Florida
Not every condo project has bitten the dust. In Miami, 21-story condominium project known as “Mei” has begun construction. All the 134-units, ranging in price from about $1 million to over $2 million, have been sold. The project has an Asian theme styling, and is located between South Beach and Bar Harbour. It is being built by the Property Markets Group and Bruce M. Goldstein.
Another 9-acre beachfront project is being constructed at Hollywood Beach, Florida, which is the Sian Ocean Residences and Resort. The project involves building a beach club and converting the 16-story apartment building on the property into a condo-hotel. Oh, the joys of having a “time share”. A 20-story Beach Club Tower is also scheduled to be constructed on the property. The site is being developed by MCZ Developers and Centrum Properties. Of course, in many ways Miami is a special city with its reputation as a resorts and its well known neighborhoods. There’s even the South Beach diet.
Trouble for Trump in Tampa
The planned Trump Tower in Tampa, Florida, has not gone up on schedule. It turns out that Donald Trump only sold the franchise on his name, and has had little to do with the project. What’s planned is a 52-story condominium in downtown Tampa, expected to cost $220 million. The Trump name was licensed out to the developer SimDag LLC, who now has two firms bidding to do the financing. Trump said that of 25 projects worldwide bearing his name, 40 percent of them have been franchised out in this manner. He agrees to put his name on the project, if the developer agrees to the best design, materials, kitchen appliances and other amenities.
The project had been announced early in 2005, but since then the contractors were fired and delays and additional fees have accrued. Trump said in an interview in the Tampa Tribune that he wanted the project to be built. He said he would buy the project out if necessary, and build it. Since the project was first proposed, the housing slump has set in, and also lenders wonder if towns like Tampa are being overbuilt with luxury condos. More than 30 towers have been proposed for the downtown.
Other projects scheduled to be completed in the next couple of years include the New Port development project on South Tampa bay, on 52-acres of waterfront property. The plan is to build 1200 townhouses and waterfront condos. Two 16-story towers are to be built, Marina I and Marina II, which will include 218 condominiums. These are the first of nine towers to be built by the ECO group. Payment is 10 percent at contract and 10 percent at construction.
Another project, the Signature, has just gotten a $140 million loan for the high-rise project that will contain 224 luxury condos, in St. Petersburg, across the bay from Tampa. The downtown Skypoint, a 32-story hi-rise is now being constructed after obtaining investment loans from Fremont Investing, which partnered with Lehman Brothers Inc.
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