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Fontainebleau Owner, Stephen Muss, and Turnberry Associates 
Building a $200 million 36-story Condominium Hotel - 
The Tower Residences at the Fontainebleau
MIAMI BEACH, Fla., March 9, 2001 - For nearly 50 years, the 1,200-room Fontainebleau has stood as the crown jewel of Miami Beach welcoming presidents, celebrities, upscale conventioneers and millions of well-heeled sun worshippers from around the world to its famed beachfront.  Now, for the first time, discerning home buyers will have the opportunity to purchase a piece of this international landmark.

The Fontainebleau Hilton and Aventura-based Turnberry Associates announced that they have joined to build The Tower Residences at the Fontainebleau, an ultra-exclusive $200 million, 36-story condominium hotel on the south end of the resort�s 18-acre property.  This project represents the focal point of a major expansion and renovation of the resort, which will include the addition of a 21-foot high grand entryway that spirals up to the main building from Collins Avenue, a new upscale restaurant named Bleau View, and an expanded indoor and outdoor children�s facility that includes a water theme park featuring a 23-foot twisting water slide and a sprawling 7,000 square-foot octopus that showers pool guests from its eight tentacles.

The agreement brings together two of South Florida�s most celebrated developers, Fontainebleau owner, Stephen Muss and Turnberry Associates Managing Partner, Don Soffer.  Directing the project will be the new generation � Fontainebleau Vice President of Development, Melanie Muss and Turnberry Associates Principal, Jeffrey Soffer, the daughter of Stephen Muss and son of Don Soffer, respectively.
�Since its opening in 1954, this resort has represented the ultimate in luxury and prestige to South Florida visitors,� said Melanie Muss, Fontainebleau Vice President of Development.  �Now, we are offering an unprecedented opportunity to live at and enjoy the Fontainebleau experience year-round.�

According to Bruce Weiner, president of Turnberry Development LLC, the tower will feature 462 distinctive residences with breathtaking views of the Atlantic Ocean, Biscayne Bay and Miami Beach and Downtown Miami skyline.  Priced from $250,000 to more than $1 million, the elegantly furnished studio, one - bedroom / two-bathroom and two-bedroom / three-bathroom suites will range in size from 500 to 1,560 square feet.  Additionally, the tower will feature four lavish multi-million dollar penthouses.

The unique Tower Residences concept combines the privacy and exclusivity of an elegant condominium residence with the numerous conveniences and amenities of this famed resort.  Residents will be entitled to enjoy the tower�s amenities, including a temperature-controlled swimming pool and 24-hour security and valet parking, along with the resort�s many facilities such as in-room private dining, concierge and maid service, a European health spa and a variety of restaurants and lounges ranging from fine dining to casual.

Homeowners can live in their apartments year-round, or reap the rewards of adding their home to the Fontainebleau / Hilton - managed hotel suite program while they are away.  Sales are scheduled to begin in April when the elaborate sales office in the resort lobby is completed.  Groundbreaking on the tower is slated for early 2002.
 

�It is an incredibly exciting opportunity for us to be associated with the property that established Miami Beach�s image, and we plan to draw on our many successes to build one of the most desirable places to live and vacation in South Florida,� said Turnberry Associates Principal, Jeffrey Soffer, whose company has created such South Florida landmarks as Turnberry Isle Resort and 

Jeffrey Soffer
Golf Club, Porto Vita and Aventura Mall and is currently developing Turnberry Place and Madison Towers, two luxury condominium communities valued at $1 billion a half-block off the fabled Las Vegas strip.

According to Melanie Muss, the idea of building a condo hotel on the resort property has been in development for several years, and now, after partnering with Turnberry Associates, who will serve as the project�s managing partner, it is beginning to take shape.

�We realized from the beginning that this was a perfect partnership,� she said.  �Our desire was for this project to rise to the level of quality and exclusivity that are synonymous with the Fontainebleau, and it was evident that Turnberry puts a similar stamp on everything it has built for more than 30 years.�
 

Designed by famed architect Morris Lapidus, the Fontainebleau�s curved facade has become a world-renowned icon.  The resort has seen every president since Eisenhower walk through its doors; hosted entertainers such as Frank Sinatra, Bob Hope and Elvis Presley; and served as the set for numerous films, including James Bond�s �Goldfinger,� and �The Bodyguard� featuring Kevin Costner 

Fontainebleau Hilton Resort
and Whitney Houston.  Stephen Muss purchased the hotel in 1978 and has continued to establish it as a premier destination.

To develop the condo hotel, which is being created by architect John Nichols and interior designer Diane Winovich, the Fontainebleau has begun moving 44th Street 130 feet to the south.   Plans also call for demolishing a wing on its spa building, allowing a spectacular vista to the curved linear design as Lapidus had originally intended.

�We are confident that there will be a high demand for this once-in-a-lifetime opportunity,� Weiner said.  �In fact, we have learned there are a number of real estate professionals who have already caught wind of the project and are advising their clients to hold off on buying a Miami Beach high-rise or condo hotel residence until this development is formally introduced.�

Muss added that the expansion including the condominium hotel will allow the famed resort to continue to prosper well into the 21st century.

�The Fontainebleau resort put Miami Beach on the map in the 1950s and 60s,� she said. �And this project will enable us to continue playing a dominant force in South Florida and throughout the world.�

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Contact:
Turnberry Associates
[email protected]

 
Also See: Capital Hotel Investments LLC Acquires Four Hotels For $274 Million from Marriott International; Marriott to Manage the Eden Roc Resort and Spa on Miami Beach as part of the Deal / Sept 2000 
Starwood Joint Ventures with Ritz Plaza Hotel to Redevelop Historic Property as W Miami - South Beach / Dec 1999 

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