Would you pay $4 million for a condo you might only use a few weeks out of the year?
That’s the pitch the developers of the Acqualina Resort & Spa are making for two ultra-luxury towers they plan to build near their hotel in exclusive Sunny Isles Beach.
The 5.6 acre, beachfront project — called the Estates at Acqualina — will include 24-hour valet and concierge service, a bowling alley, a movie theater, an ice-skating rink, six pools, a basketball court and a restaurant.
Developer Jules Trump (no relation to the Donald, who has also branded a property in the area) said his goal is to produce “self-contained living with maximum convenience and maximum service.”
Never miss a local story.
“It’s generally a second or third home for the people we’re selling to,” Trump said. “They’ve traveled the world and seen everything and when they come down here to South Florida for a few weeks, they don’t want to have to travel or move around.”
The two 50-story towers will have 250 units in total ranging in size from 2,800 square feet to a two-story, 13,000-square-foot penthouse. Asking prices start at $3.9 million and go up to $40 million.
Amenities will also include a so-called Wall Street Trader’s Club with a ticker tape for those who miss the trading floor.
“We’re definitely catering to people in finance,” said Michael Goldstein, the project’s director of sales. “A lot of our clients, they want the newest and greatest thing. They have a Ferrari and they drive it for 200 miles and then they upgrade to the next model.”
In addition to the resort, Trump also owns the Mansions at Acqualina, another luxury condo project with a penthouse that listed at $50 million. All three projects are within a two-block radius.
The Estates at Acqualina is one of several ultra-luxury condo projects in Sunny Isles Beach, including the Porsche Design Tower, the Residences by Armani/Casa, the Fendi Chateau Residences and the Ritz-Carlton Residences.
The city (pop. 21,720) is known as an enclave for the wealthy. It has twice the rate of families making more than $200,000 per year compared with Miami-Dade County, according to U.S. Census data.
The new development — 17901 Collins Ave. — is expected to finish construction in 2019. Buyers must put down a 50 percent cash deposit. And investors will not be allowed to buy units and try to flip them.
“This is an actual building where people are going to live,” Goldstein said
Although many residents may use the condos as a vacation home, the developers believe others will make it their primary residence.
“There are a lot of wealthy people from the Northeast who will be eager to call South Florida home after this winter,” Goldstein said.
The site is currently occupied by timeshares, which will be demolished before construction begins.