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Turnberry real estate
Current Listings
  May 26, 05 10:16 PM

Mall builder expands outside Florida

» Posted to Real Estate Reports

The owner and developer of the Aventura Mall, Turnberry Associates, has announced plans for three new major retail projects outside of the state.

LAS VEGAS - Buoyed by its success in Florida, Turnberry Associates is looking to become a major player on the national retail development scene. At the International Council of Shopping Centers annual convention this week in Las Vegas, the Aventura developer unveiled expansion plans that would double the size of its retail portfolio.

Turnberry announced plans to build projects in Myrtle Beach, S.C., and San Antonio, Texas. Turnberry also unveiled a three-dimensional scale model and the tenants for Town Square Las Vegas, a 1.5 million-square-foot center scheduled to break ground this month on the Las Vegas Strip.

That doesn't include what Turnberry has on the drawing board in Florida. Expansions are in the works for its flagship property Aventura Mall and its newest addition, Destin Commons, an open-air center located in the Panhandle. Plus, the developer is trying to win approvals for a Town Square open-air project in Davie.

''This is an indication of our future in retail,'' said Jim Gdula, director of retail development for Turnberry Associates. ``We're serious about growing our retail portfolio. We're going to be branching out and doing more.''

Founded in 1967, Turnberry has developed 20 million square feet of retail, which also includes two malls in Pittsburgh. But it's the reputation of Aventura Mall, considered one of the nation's more successful properties, that has given Turnberry the clout in the marketplace.

`RECORD FOR SUCCESS'

''We have a track record for success and we want to build on that record,'' Gdula said.

Turnberry's retail expansion follows what the company, owned by the Soffer family, has been doing in other areas of its business. Turnberry already has built condominiums in Las Vegas and this month announced plans to bring Miami Beach's famed Fontainebleau resort to Las Vegas, including a hotel, casino and condominium.

Industry experts say that Turnberry's growth makes sense given the explosive growth of the real estate market and the difficulty in finding opportunities for large new projects within Florida.

''It's gotten so hard to find dirt in Florida that a lot of people are looking elsewhere,'' said Patrick Duffy, the Tampa-based chairman of the retail services group for Colliers International. ``There is so much demand everywhere and so much capital, now is the time to do it.''

`LIFESTYLE CENTER'

Turnberry's new retail projects will feature an open-air, town center-type design known in the industry as a ''lifestyle center'' because it aims to cater to the surrounding community and provide a local gathering place. This type of projects have become one of the most popular designs, as developers have moved away from traditional enclosed regional malls.

''Our customers like to go places where they can see and be seen,'' Gdula said. ``People like to live, work, eat and play in one location.''

Miami Real Estate




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