Podolsky and Danny Tantleff, the company's locally based project manager, declined to disclose the project cost or confirm GlobeSt.com's research. According to public records, Forkosh obtained first mortgage financing of nearly $33.9 million representing 80% of the cost, which would put the total investment at approximately $42 million. "The building was 100% rebuilt," Tantleff says. "Nothing of the former hotel remains except the concrete structure.
All residential units have balconies, and one-, two- and three-bedroom units range in size from "approximately 1,000 sf to two-level penthouses with 2,800 sf under air and 1,300-sf balconies," Tantleff says. Unit prices range from $400,000 to $3 million. Property amenities include a pool, beach club, fitness center, clubroom off the lobby with high tech audio/video equipment, and 24-hour concierge and on-site valet parking.
Referring to this area's combination of natural beauty and "vibrant real estate economy," Alex Forkosh, CEO, says he plans future projects in South Florida and is currently eyeing the Design District for either new or conversion opportunities.
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