Tag Archives: Jeffrey soffer

Jeffrey Soffer Fontainebleau Buys PowerHouse Marina

PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development

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Jeffrey Soffer Fontainebleau Buys PowerHouse Marina

PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.

The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.

On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.

The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.

The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.

According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.

Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.

In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.

Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.

Turnberry Isle Condo Proposed in Aventura

Plans for Twin Condo Towers at the Turnberry Yacht Club Proposed

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Twin Condo Towers Proposed in Aventura

Jeffrey Soffer, CEO of YCM Acquisition LLC, has submitted a site plan to build on a section of the 18.4-acre site located at 19500 and 19735 N.E. 36th Street in Aventura. The current site is comprised of 7.6 acres of buildable land and 10.8 acres of submerged land.

Currently on the site is a marina, a 50-room hotel, a clubhouse, a spa, and tennis courts. The two proposed condos would replace the hotel, eight tennis courts, and a portion of the parking lot that is currently on the site.

The twin towers would be labeled as towers north and south and would rise 24 stories tall. The north tower would equal 398,000 square feet in the first phase of the project, with 145 condominiums, 10 service apartments, and 320 parking spots.

The residential units would range from 1,730 square feet for the two-bedroom floor plan to 4,990 square feet for the three-bedroom floor plan.

The service apartments would be smaller and range from 367 to 638 square feet. These suites would only be for guests of owners and can be purchased by the owners.

Each condominium would have its own pool, exercise facility, and social areas. Two additional tennis courts would also be built in the south tower.

Soffer is making a name for himself in Aventura, first with the Turnberry Ocean Club and a building north in Tequesta and now with this new development.

No dates have been submitted for the review of the proposal. Arquitectonica is the architect for these twin towers.

Are Casinos Coming to Miami?

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Casinos may be coming to Miami.

Jeffrey Soffer, billionaire and son of real estate developer Donald Soffer, is pushing lawmakers to update Florida gambling laws. According to Miami’s Local 10 News, Miami Beach commissioners have hired lawyers to stop Soffer from building a casino under the Fontainebleau brand.

Miami Beach Mayor Gelber’s mission is to ‘discourage late-night entertainment in the city,’ and Soffer’s plan to build a casino goes against this.

According to Mayor Gelber, “What they are going to want to do apparently is take casino licenses, take gaming licenses, gambling licenses that exist right now in parimutuels — slot machines, card games, and things like that — and allow them to become portable.”

Also reported to be involved in the endeavor includes former President Donald Trump, who wants to open a casino at his current resort, Doral.

The Miami Herald has reported that Governor Ron DeSantis, has met with parimutuel owners to discuss casino openings and guidelines.

As part of he legislation, Genting’s Resort World Miami as well as the Seminole Tribe would be included and would greatly benefit from the legalization.

If this legislation passes, gambling licenses would be allowed to transfer into areas that currently do not allow it and local governments could not enforce any laws prohibiting it. The legislation is currently being drafted and will be released to the public within the next few weeks.