A challenging real estate project giving testimony to
IAG Florida’s unique skills to underwrite and
execute complex real estate assignments is The Atlantic,
located on Fort Lauderdale Beach, a 15-story, 124-unit
luxury beachfront condo/hotel developed at a cost of
approximately $500,000/key.
 The
project was conceived by IAG Florida at the request
of the property owner, in response to its desire to
sell the property for maximum value.
IAG Florida serves as development/construction manager
for the project, and remains financial advisor to the
owner.
The hotel is the first luxury development on Ft. Lauderdale
Beach in 15 years and is heralded as a tremendous success
given the restrictive zoning and scarcity of oceanfront
land on the Beach.
The hotel will be managed as a Starwood Hotel &
Resorts Luxury Collection and opened in June, 2004.
After formulating a development program, assembling
the requisite project team, securing entitlements and
identifying/negotiating an operator agreement for this
luxury boutique, the owner elected to develop the property
for its own account.
IAG Florida arranged $62,000,000 in project financing
working with a syndicate of construction lenders and
investors, steering them through the complex underwriting
issues of condominium hotel financing.
The
hotel’s beachfront gourmet restaurant and lounge,
Trina’s, has opened to rave reviews and brings
New York sophistication to Ft. Lauderdale Beach. IAG
Florida worked closely with Starwood in recruiting and
contracting the dynamic New York partnership behind
Trina’s, Chef Don Pintabona and Nick Mauntone
of Tribecca Grill and Gramercy Tavern.
For
more information on The Atlantic, visit: www.atlantichotelcondo.com.
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