Turnberry Associates

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Turnberry Associates
Private
Industry real estate developer
Founded April 1, 1977; 40 years ago (April 1, 1977)[1]
Founder Donald Soffer
Headquarters Aventura, Florida, USA[2]
Products Condominiums
Revenue Increase $9.810 billion (2013)
Increase $1.1 billion (2013)
Increase $3.114 billion (2013)
Total assets Decrease $26.1 billion (2013)
Total equity Decrease $7.9 billion (2013)
Website www.turnberry.com

Turnberry Associates is an American real estate developer in residential, retail, hospitality and office. The company has developed more than $7 billion in commercial and residential property, including approximately 20,000,000 square feet (1,900,000 m2) of retail space, more than 7,000 condominium and condo-hotel residences, 1,500,000 square feet (140,000 m2) of class "A" office space and in excess of 2,000 hotel and resort rooms.

History[edit]

After opening his first shopping center, South Hills Village, in Pittsburgh and then developing Monroeville Mall, Donald Soffer [3] arrived in South Florida and saw the potential for development. In 1967, along with partner Eddie Lewis of Oxford Development Co., he purchased 785 acres (3.18 km2) of submerged and undeveloped swamp and marshland facing the Intracoastal Waterway in North Dade County.

During the next 40 years, with their initial vision sketched on a cocktail napkin[citation needed], Soffer and Lewis built that land into what is now the City of Aventura. They developed Turnberry Isle Resort and Club, Aventura Mall, thousands of residential units and numerous office buildings. Aventura is now a self-contained city, known as a ‘City of Excellence', [4] revolving around golf courses, lakes, bike and exercise paths and exclusive condominiums, hotels, shopping centers, office buildings, banks and more.

On December 20, 2003, MGM Resorts International and Turnberry Associates announced the formation of a partnership to build the luxury condo hotel, stating that they would build up to six towers each rising up to 40 stories. On May 12, 2006, the first tower opened for occupancy. The successful opening of The Signature at MGM Grand appears to be aided by its connection to the resources and amenities of The MGM Grand Hotel & Casino.[5]

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