Bruce Weiner, one of three principals of Turnberry Associates,along with founder Donald Soffer and his son Jeffrey, won'tdisclose how much the company is paying to join the venture.However, in addition to buying about $40 million worth of land andestimated profits, published accounts indicate that various projectliens have to be paid off and certain liabilities assumed.
Construction of Oceania Tower V had been halted at the ninthfloor of a planned 28-story building. Turnberry expects to turn theproject around quickly by using its reputation to market theproperty more effectively and by negotiating new terms withsubcontractors.
Due to the interrupted construction, the building will not beready for occupancy early next year, as originally planned. Openinghas now been pushed back to the end of 2001.
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