While the financial details of the partnership were notimmediately available, GlobeSt.com has learned that the$275-million represents the total development cost of the project,versus a gross sell-out value of approximately $350 million.Turnberry president Bruce Weiner tells GlobeSt.com that all thenecessary entitlements and approvals have been finalized, permitshave been pulled and impact fees paid and that excavation for thesubterranean garage should begin in the first quarter of 2009 andthat the entire project should take 30 months to complete.

Due to turmoil in the credit markets, Weiner says finalconstruction financing has been delayed. "That said, the majorbanking participants are fully committed and the consortium isbeing assembled," he adds.

Turnberry Tower is expected to include 217 one-bedroom,two-bedroom and three-bedroom residences, as well as townhouse,penthouse and tower suite units. Residences will range in size fromapproximately 1,000 square feet to more than 3,800 square feet, notincluding large outdoor terraces. Amenities will include an indoorswimming pool and 24-hour valet parking, security, concierge andfront desk personnel. A development timeline for the project wasnot immediately available.