Real Estate Developments

Is It The End Of The World In Dubai?

by Deidre Woollard (RSS feed) — Jan 22nd 2011 at 8:02PM

In 2009, I wrote that The World project in Dubai might be in trouble due to the economic downturn. The ambitious development in the Gulf may have another problem on its plate. Reports came out yesterday stating that the islands shaped like countries are sinking back down into the water.

The project has been in trouble for years due to the debt-ridden state of Dubai as well as the logistics of building hundreds of islands in the middle of the water. The picture above shows the project back in 2006 but more recent reports tell of a more misshapen development plagued by erosion. At a property hearing, Richard Wilmot-Smith QC, a British lawyer for a company that ferries people to the islands, told the tribunal that the land is gradually falling back into the sea. Penguin Marine sought to get out of its contract with the developer Nakheel, saying that fewer people are going to the islands is and that the project is essentially falling apart.

Work on the islands has reportedly been stopped for over a year. The project is becoming an ocean wasteland, a half-finished project of rocks and sand surrounded by breakwaters. Work has stopped inside the manmade lagoon and instead of neatly defined islands in the shape of recognizable countries and continents, ragged sandy blobs pushed barely above the water remain.

Tags: dubai, dubai world, nahkeel, the world

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Naomi Campbell's Sexy Apartment Commercial

by Deidre Woollard (RSS feed) — Jan 22nd 2011 at 6:02PM

Britain's Daily Mail leads us to Naomi Campbell's latest ad campaign, a Russian commercial for a new luxury apartment complex in Moscow. The Legend of Tsvetnoy complex belongs to her boyfriend billionaire Vladamir Doronin. The steamy commercial shows Campbell lounging around the building and stretched out in a bed in lingerie at one point. Other images show her working out in the gym and taking a dip in the swimming pool which has panoramic views over the city of Moscow. The commercial ends with Campbell looking out a window and saying: "I listen to your heart, Moscow. Now you know where I stay.''

Tags: legend of tsvetnoy, lxury apartment complex, moscow, naomi campbell, Vladimir Doronin

Patricia Kluge: Billionaire's Ex-Wife Faces Foreclosure

by Carrie N. Culpepper (RSS feed) — Jan 21st 2011 at 6:01PM

Patricia Kluge photos, Patricia Kluge house photos

Patricia Kluge, the 1980s society queen and ex-wife of billionaire media mogul John Kluge, has fallen on some hard times. Kluge was famously awarded the largest divorce settlement in history (a reported $1.6 million a week) but she seems to have figured out a way to spend it – and then some.

She's allegedly in default of nearly $23 million on her gilded mansion in Virginia, which made headlines for its outlandish $100 million price tag when it first hit the market in October 2009. Sotheby's didn't get that asking price, nor the drastically reduced $24 million it was eventually priced at. Instead, on Feb. 16, the 23,538-square-foot home will be auctioned on the Albemarle County courthouse steps.

Kluge's house isn't the only possession she's losing: Her antiques and jewelry have already been auctioned through Sotheby's. Her winery was foreclosed on and its inventory also sold off at auction. On top of that, several lots in the Vineyard Estates subdivision she devised for her property were also auctioned.

The Hook reported that according to court records, Kluge borrowed a whopping $66 million for the house, winery and subdivision.

How could Kluge have blown through her fortune and now lost it all?

Tags: albemarle house, AlbemarleVirginia, Charlottesville, charlottesville virginia, kluge, kluge estates, kluge vineyards, kluge winery, KlugeEstates, patricia kluge, Patricia Kluge broke, vineyard estates, vineyard for sale, virginia real estate, William Moses

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Ritz-Carlton Residences at Singer Island Host Grand Opening

by Deidre Woollard (RSS feed) — Jan 20th 2011 at 6:01AM

Luxury is on the rise in Palm Beach once again. Lionheart Capital, owner of The Ritz-Carlton Residences Singer Island, is hosting the official grand opening of the 8.8-acre oceanfront property on January 21. The two tower complex is one of only six stand-alone residential properties managed by the Ritz-Carlton brand worldwide. In June 2010, Lionheart, in partnership with Elliott Management Corporation, closed the $120 million bulk purchase of the remaining inventory at 2700 North Ocean (a total of 146 units in the 242-unit project). The property converted to The Ritz-Carlton Residences Singer Island, Palm Beach on November 1. Real estate in South Florida continues to struggle but news from this property is strong so far, with only 60 days on the market as a Ritz-Carlton, the property has already logged $20 million in sales.

The opening celebration includes accreted indoor/outdoor art tour featuring works from the private collections of Carlos and Rosa de la Cruz, Ella Cisneros Fontanals, Marvin and Elayne Mordes, Jane Holzer and Beth Rudin DeWoody, as well as pieces on loan from Art Palm Beach by Litvak Gallery and Albert Paley, among others. The event will include the unveiling of the Signature Residence models as well as samplings of food prepared by the property's new chef.

Tags: Ferrari, florida real estate, palm beach, palm beach florida, palm beach real estate, ritz-carlton, ritz-carlton residences, ritz-carlton singer island, singer island

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Luxury Miami Project Goes Back To Lender

by Deidre Woollard (RSS feed) — Jan 19th 2011 at 8:00PM

A luxury condo building in Miami Beach has gone back to its lenders. The Miami Herald reports that South of Fifth, a $73 million luxury condominium building has gone back to its lender, after a foreclosure auction. The project at 135 Ocean Drive, first went into foreclosure back in 2009 as the original developer struggled to pay back a $73 million loan to iStar Financial. The project was yet another South Florida victim of bad timing, it opened in 2009 just as interest and prices were tumbling in the area.

The Herald article describes the transaction as a friendly foreclosure: the lender obtained a final judgment of $90.8 million against defaulting developer BR Villa Luisa in December and took back ownership of the property Tuesday. Now it falls to iStar to sell the 29 available condos at the 32-unit property. Listings on the Kleer Team website say that they have been instructed by project lenders to sell at reduced prices to qualified buyers. Prices listed range from $400,000 to $6.8 million. Amenities in the building include valet parking; full-time concierge; a pool facing the ocean and whirlpool spa; fitness center; private lounge and more. Some residences have wrap-around balconies and penthouses have their own, 4,000-square-foot rooftop terraces with private pools and summer kitchens. Although this isn't great news, it seems like this foreclosure has been in the works for a while. Overall much of the real estate news we've seen coming out of Miami is pointing at a slow recovery in the sales of luxury condos.

Tags: condo development, condo developments, condo foreclosure, florida real estate, miami real estate, south of fifth

Kohler Announces Official Plans For The Hamilton Grand Renovation at St. Andrews

by Susan Kime (RSS feed) — Jan 19th 2011 at 11:01AM

I have been following this renovation process of the Hamilton Grand (see above) for over a year now, and have written articles for Luxist on the process and progress of this unique renovation project.

Just yesterday more news: Kohler Co. announced the official development plans for Hamilton Grand, one of golf's most historic buildings. Located adjacent to the 255 year old Royal & Ancient Golf Club in St. Andrews, Scotland, Hamilton Grand overlooks the 18th Green of the Old Course, The West Sands Beach and the Bay of St. Andrews. When finished, Hamilton Grand will become the fourth historic property restored and renovated by Kohler Co.

Last year, Kohler Co., through its subsidiary, The Old Course Limited, purchased Hamilton Grand, In conjunction with the Kingdom of Fife, the county where St. Andrews is located. Kohler Co. then held a two-day public consultation, where it welcomed St. Andrews citizens to learn more about the plans and to provide feedback for restoring the building. The meetings were met with significant interest and support, providing meaningful discourse between developer and community.
Together, new plans were conceptualized and created.

Tags: Hamilton Grand, Hamilton Grand at St. Andrews, Kohler, Kohler Company, St. Andrews Golf Course, The Dukes Course at St. Andrews, The Old Course Hotel at St. Andrews

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The St. Claire Rises Again In Harlem

by Deidre Woollard (RSS feed) — Jan 18th 2011 at 2:01AM

Curbed called it a "zombie building" but we like to think of it as more of a sleeping beauty. The St. Claire condo development in Harlem, New York will have just 13 luxury units in a seven story building. Sales first started in 2008 but faded out amid the recession. Now the St. Claire is back with occupancy planned for early 2011.

Tags: condo development, condo developments, harlem real estate, new york city real estate, new york real estate, st claire condos

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Chicago's Aqua Tower Will Be Home To Radisson Blu Hotel

by Deidre Woollard (RSS feed) — Jan 15th 2011 at 8:01AM

Chicago's Aqua skyscraper will be home to the first Radisson Blu hotel in the U.S. Chicago Breaking Business says that Carlson Hotels is planning a $125 million hotel for the first 18 floors of the 82-story building. A prior deal to have the tower host a Fairmont-brand hotel fell through several years ago. The building is also home to condo units. Current prices for units on the market range from $299,000 for a studio to $1,988,832 for a four-bedroom unit.

The building has won awards for its unique style that includes wave-like balconies. In 2009, Jeanne Gang, principle and founder of Studio Gang Architects earned a PETA Proggy award for using bird-deflecting elements in the residential building and hotel. The undulating exterior and etched glass help prevent birds from flying directly into windows. The building also contains 55,000 square feet of retail and office space. The hotel will open this fall and rooms will probably average more than $200 per night.

Tags: aqua tower, chicago real estate, hotel opening, radisson blu, studio gang architects

The Evolving Re-Vision: Lake Las Vegas And The Ravella Hotel

by Susan Kime (RSS feed) — Jan 13th 2011 at 11:02AM

My colleague, Deidre Woollard, recently wrote in Luxist about the opening of the Ravella Hotel at Lake Las Vegas. I found the article to be intriguing, as I knew the recent history of Lake Las Vegas, and also interviewed -- three times -- Ron Boeddeker, owner of Transcontinental Corporation, the developer/visionary who conceived this grand idea.

The new Ravella Hotel At Lake Las Vegas is located on the site of the former Ritz Carlton Lake Las Vegas that bankrupted in May of last year. To many, the Ritz Carlton bankruptcy seemed like the terminal blow to the original vision of Lake Las Vegas, the last Gordian knot in a string of bad news and bankruptcies. But the opening of the Ravella, and especially from Dolce, hotel managers and operators who specialize in meetings and conferences, seems relevant and positive in the forward evolution of Lake Las Vegas.

Mr. Boeddeker's original vision was to re-create a Lake Como-like, Mediterranean enclave 17 miles from the Las Vegas strip. Multi-million dollar residences would be built along the lake, there would be fine hotels, excellent food, substantial golf courses. It was a vision that had legs, and Mr. Boeddeker's unusual expertise -- his University education combined civil engineering and ( of all things) theology -- pulled it off, for awhile. He was one of the few developers who could simultaneously envision a 320 acre lake in the middle of a desert and know how to create it from a practical engineering standpoint. In the grand home of great developer visions, this was one of the most expansive. The dark side of such a vision, and one that Mr. Boeddeker would have surely acknowledged were he still alive, was the importance of a recession-resistant economy needful to the overall health of the concept.

But the economy was not recession-resistant, and even with celebrities buying houses, exceptional hotels and golf courses in active use, Lake Las Vegas reflected the economy's downturn. Transcontinental defaulted on $540 million in loans in fall 2007, and went into foreclosure. The development was acquired by the Atalon Group in January 2008, only for it to file for Chapter 11 bankruptcy protection six months later. And this was just the beginning:

Tags: Atalon Group, Deutschebank, Dolce Hotels and Resorts, Lake Las Vegas, Ritz carlton Lake Las vegas, Ron Boeddeker, The Ravella at Lake Las Vegas, The Ravella Hotel, Village Hotel Investors

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Boulan South Beach Goes On Sale In Florida

by Deidre Woollard (RSS feed) — Jan 11th 2011 at 4:01AM

A recent article in the Miami Herald pointed out that South Florida's real estate market seems poised for a slow rebound. In fact, Miami-Dade condo sales showed 1,039 existing units sold in November, the first time since 2006 that condo sales topped 1,000 a month. Developers are also starting to bring new properties to market.

South Beach's newest condominium is Boulan South Beach. The six-story development was designed by Zyschovich Architects Inc.,and offers one and two bedroom units, ranging from 668 to over 2,000 square feet and penthouse condominiums with roof-top access. The 52-unit property is located in the heart of South Beach along Collins Avenue with easy access to restaurants, art galleries, night clubs, shopping and beaches. Boulan South Beach is ideally located between The W South Beach and The Setai South Beach.

Tags: boulan south beach, condominiums, miami real estate, south beach, south beach florida

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Far From The Blixseth Scandal, Yellowstone Club Moves On

by Deidre Woollard (RSS feed) — Jan 10th 2011 at 8:01PM

We've been following the fortunes of Tim and Edra Blixseth for several years. The billionaire couple, once famous for a reportedly amicable separation, devolved into a messy divorce with a major loss of fortune for both parties. Last week scandal hit Edra Blixseth when she was identified as the woman licking congresswoman Mary Bono Mack's cleavage in an event that took place at Blixseth's Porcupine Creek. Real estate watchers know that this is the 249-acre estate in Rancho Mirage, California that used to be owned by Yellowstone Club founders Tim and Edra Blixseth. It hit the market last February at $75 million and is now down to $55 million.

Meanwhile, at the Yellowstone Club, the Big Sky, Montana resort founded by Tim and Edra Blixseth, life goes on. The Bozeman Chronicle recently did an update on the club, checking out how it has fared since its Chapter 11 and subsequent sale to CrossHarbor Capital Partners for $115 million. The club was founded in 2000, as an ultra-luxurious private ski and golf community.

The club is back in business, paying off debts and selling real estate. According to the article more than $175 million in real estate sales have taken place since CrossHarbor took over last year and there are 40 new members. Sam Byrne, managing partner of CrossHarbor Capital Partners, said that he hopes that the special retreat that the Blixseths created will be their legacy rather than "all the noise that goes on in the bankruptcy."

In the article, Tim Blixseth said that he was no longer interested in running the club. As he put it, "some people are better dreamers than operators. I might fall into that category myself." He continues to fight legal battles relating to the case and the charges from his ex-wife that he caused the club to go bankrupt because of a $375 million loan in the club's name from Credit Suisse. The pair planned a global destination club. Several of the properties that were to be used in the club have gone up for sale. Emerald Cay, a Caribbean hideaway in the Turks and Caicos, remains on the market for $48.5 million.

Gallery: Porcupine Creek

Tags: crossharbor, edra blixseth, porcupine creek, tim blixseth

The Sheffield Partners with Saks Fifth Avenue Offering Residents Shopping Privileges

by Carrie Coolidge (RSS feed) — Jan 8th 2011 at 10:31AM

The Sheffield, a re-launched luxury apartment building in Manhattan, is partnering with Saks Fifth Avenue to provide exclusive shopping privileges for its residents. The partnership will include shopping privileges, personal styling consultants, and private seasonal designer collection previews. Saks Fifth Avenue was a Luxist Awards' Readers Choice nominee for Best Department Store.

The partnership will allow recent Sheffield buyers as well as current residents to take advantage of customized services uniquely created to and for them by a Saks Fifth Avenue team of experts. To kick off this exclusive partnership, The Fifth Avenue Club at Saks Fifth Avenue in New York will host a "match-making" event where residents will be paired with their very own personal styling consultant.

Every season, residents at The Sheffield will enjoy special sneak previews of Saks Designer Collections. Through private in-store events held at the Saks Fifth Avenue Club, the personal styling consultant will hand-select the latest trends and ensembles for their resident.

"We hope to see Sheffield residents develop life-long relationships with their personal styling consultant as they are provided with this specialized service to enhance their sophisticated lifestyle and standards," says Sharon Cottelli, Director of Saks' Women's Fifth Avenue Club.

Gallery: The Sheffield in Manhattan

Tags: estates, Fifth Avenue Club, Saks Fifth Avenue, Saks Signature Shopping Experience, shopping, The Sheffield

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Bellevue Towers Goes Back To The Lender

by Deidre Woollard (RSS feed) — Jan 5th 2011 at 5:01AM

Big real estate news in Bellevue, Washington. The developer of Bellevue Towers, the biggest complex in the region, has turned it over to the lenders to avoid foreclosure. The 539-unit, two-towered complex has struggled to find buyers since its completion nearly two years ago at the start of the real estate collapse. Only around 120 units have sold. The buildings are the tallest on the Eastside. The Seattle Times reports that Gerding Edlen transferred the downtown Bellevue project's unsold units on Thursday to an entity led by Morgan Stanley, according to county records. The developer had borrowed $275 million in 2007. The loan matured a year ago and the lenders have been paying the project's bills since then.

On average units are priced about 30 percent lower than their original prices.The complex includes a fifth floor amenity suite with a fitness center, spa, cold-dip pool, sauna, steam room and terrace. The 42-story towers offer dramatic views.The podium between the towers is designed to have urban gardens with walking paths, a pet area and a linear water feature.

Given the need to move units I wouldn't be surprised to see a condo auction on this one to move some units more rapidly.

Tags: bellevue, bellevue towers, condo development, condos, washington real estate

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Waldorf=Astoria plans New Location in Tel Aviv

by Noah Joseph (RSS feed) — Jan 4th 2011 at 11:02AM

The Waldorf-Astoria is a veritable New York City landmark. But what was once a single establishment has since grown, under the direction of Hilton Hotels, into The Waldorf=Astoria Collection.

In addition to the flagship location in Manhattan, four more opened in the United States (including the Arizona Biltmore, La Quinta in California, the Dakota Mountain Lodge in Utah and the Grand Wailea in Maui), but the expansion isn't limited to America alone. The Calalieri in Rome joined the collection in 2008, which was preceded by the Qasr Al Sharq in Jeddah. The roster has since expanded to include dozens of locations, but Saudi Arabia isn't even the only country to put The Waldorf on the map in the Middle East.

Visitors to Jerusalem will invariably notice the construction of the latest location in the Israeli capital, opposite the boutique Mamila Hotel and the modern David Citadel, and just down the street from the historic King David. But soon that development is set to be joined by an additional location in Tel Aviv.

The Mediterranean development is planned for the Tel Aviv beachfront on a plot next to the expansive Tel Aviv Hilton. Although details of the project have yet to be confirmed, the Jerusalem location is set to feature 220 guest suites along with 30 residential condos.

[Source: Yedioth Aharonoth]

Tags: hilton, hotel, israel, jerusalem, tel aviv, waldorf, waldorf astoria, waldorfastoria

Luxury Condos Go Up For Auction In Sun Valley

by Deidre Woollard (RSS feed) — Dec 28th 2010 at 9:00PM

Idaho's Sun Valley is a popular second home location. You can pick up yours at a grand reopening auction for 11 condominium residences at Chilali, a luxury development comprised of one- and two-story homes in Ketchum, Idaho.

Accelerated Marketing Partners (AMP), is expecting bidders to come from areas across the country. The auction will be held on February 19 at Sun Valley Resort, with minimum bids ranging from $295,000 to $825,000, up to 66 percent below previous asking prices of nearly $2.2 million.

Tags: idaho, idaho real estate, ketchum idaho, sun valley

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