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.

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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.

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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.

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Turnberry Ltd. acquired the project in 2006 from anotherdeveloper after it had been approved by the city in its schematicstage. Turnberry has since been refining the tower and itsamenities and floor plans. For example, the project originallyincluded approximately 250 units in the same amount of space,Weiner says.

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Group 24, its new partner in the project, is one of severalcompanies controlled by Mike Zoi. He and Turnberry chief executiveJeffrey Soffer first met while competing with each other on FerrariNorth America's racing circuit. Zoi won the North American FerrariChallenge Championship in 2007, according to published reports.

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Zoi could not be reached Wednesday for comment. "We find SanFrancisco's high barrier to market entry coupled with Turnberry'sinternationally recognized brand and loyal following ... make theRincon Hill project an extremely compelling investment for Group24," Zoi says in a statement.

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In addition to Group 24, Zoi also founded and runs Ener1 Inc., aFort Lauderdale-based alternative energy company that last monthacquired 83% of the capital stock of Enertech International Inc.Enertech owns a 200,000-sf manufacturing plant and lithium-ionbattery manufacturing equipment located in Chungcheongbuk-do, SouthKorea and, through its US-based subsidiary, Emerging Power Inc.,leases 11,000 square feet of office, battery pack assembly andwarehousing space in Hackensack, New Jersey. A Group 24representative tells GlobeSt.com that the batteries are used inhybrid-electric vehicles.

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Zoi also controls TGR Energy LLC, which owns TOT Energy LLC, anew company that began trading on the Over-The-Counter BulletinBoard in September under the symbol TOTY.OB. The company billsitself as "a multi-national, diversified energy company" that"provides oil and gas companies operating in Russia and othermarkets with exploratory and development well drilling and oilfieldservices." The company, which operates out of the same offices asGroup 24 (201 S. Biscayne Blvd. Suite 2868), has a 75-25 jointventure with Sibburnefteservis, a Russia-based oil exploration anddrilling company created from the former Soviet Union's Ministry ofGeology. In a June press release announcing its business strategy,TOT Energy said its activities "are expected to include theexploration, development, production, and marketing of crude oiland natural gas in Russia and Kazakhstan."

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Turnberry Ltd. has on its resume some $10 billion in commercialand residential property development, including approximately 20million square feet of retail space, more than 7,000 luxurycondominium and condominium-hotel residences, 1.5 million squarefeet of class A office space and approximately 2,000 hotel andresort rooms. The company is known for turning a 785-acre tract ofmarshland into the City of Aventura and is the developer and ownerof Aventura Mall, one of the five highest grossing centers in thenation, and the landmark Turnberry Isle Resort & Club.

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Earlier this year, Turnberry completed The Residences atAtlantis, a condominium-hotel tower at the world-renowned resort onParadise Island, Bahamas, and in Las Vegas completed Town Square, a1.5-million-square-foot lifestyle center, and Turnberry Place, anultra-luxury condominium and private club community, and TheResidences at MGM Grand, a condominium-hotel development with morethan 1,500 residences. Soffer also serves as executive chairman andmajority owner of Fontainebleau Resorts LLC, which is developingFontainebleau Las Vegas, a $2.8 billion, world-class destinationresort located on the Las Vegas Strip that is expected open in fall2009.

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