Acqualina Reports Two Penthouse Sales in a Week - March 8, 2002

Contact: Judy Goldstein, The Adler Network (954) 776-6633

FOR IMMEDIATE RELEASE 

ACQUALINA REPORTS TWO PENTHOUSE SALES IN A WEEK
TOTALING $7.6 MILLION 

SUNNY ISLES BEACH, Fla. – With luxury condominium residences at Acqualina Ocean Residences & Resort continuing to sell at a remarkable pace, the developers of this 51-story residential resort tower have reported two penthouse sales over a one-week period in February, totaling $7.6 million. A six bedroom, six and one-half bath penthouse on the 45th floor, with a separate guesthouse and private pool, sold for $4.5 million. The second sale, for $3.1 million, was for a five bedroom, six and one-half bath penthouse on the 47th floor, with a separate guesthouse and spa. The expansive residences feature 6,300 and 5,200 square feet of air-conditioned space respectively.

Acqualina is currently under construction overlooking 400 feet of Atlantic shoreline at 178 Street and Collins Avenue in Sunny Isles Beach, Florida.

According to Vice President of Sales & Marketing Michael Goldstein, only two of the 12 Penthouses at Acqualina offered for purchase now remain, since sales commenced in November 2000. Situated on floors 45 through 51, the penthouses span from three to seven bedrooms and range in size from 5,220 to 13,000 square feet.

“I don’t think there has ever been another developer who has sold as many penthouses as we have sold here at Acqualina, at these price points ($3.1 million to over $10 million each), in such a short period of time,” Goldstein noted. “This is certainly a testament to the developers’ proven track record of providing ultra-luxury living opportunities for over 15 years in South Florida, delivering what they promise, and delivering residences that meet or exceed owners’ expectations.”

Commenting further, Goldstein said that Acqualina’s success was built upon the success of the developers’ flagship “lifestyle” community, Williams Island, on the Intracoastal Waterway in nearby Aventura.

He also attributes Acqualina’s impressive sales to the fact that it will be a one-of-a-kind residential resort environment. “As its centerpiece, there will be a small, luxury ‘boutique’ hotel managed by Rosewood Hotels & Resorts,” Goldstein said. “Rosewood’s select, award-winning properties consistently provide gracious services and the highest level of amenities. And, at Acqualina, residential owners will have access to the same services and amenities that hotel guests will enjoy.” Representative of notable Rosewood properties worldwide are The Mansion on Turtle Creek (Dallas), The Carlyle (New York), Las Ventanas al Paraiso (Los Cabos, Mexico), The Lanesborough (London) and others.

In addition, the condominium residences at Acqualina will be under Rosewood’s able management.

“The discerning buyers whom we have attracted here are accustomed to exceptional amenities and services, as well as grand spaces. The residences and penthouses here surely fit their needs and lifestyle demands,” Goldstein concluded.

Acqualina will have a doorman, 24-hour valet parking, 24-hour security, 24-hour room service, housekeeping and concierge services. There will be a signature Rosewood restaurant, lounge and outdoor grill, gourmet convenience store, men’s and women’s salon, pampering spa with state-of-the-art fitness equipment, three swimming pools, and private beach club. Owners will also have the opportunity to access Williams Island golf, tennis and marinas.

In addition to the penthouses, Acqualina offers 3-bedroom/3-bath condominium residences from 2,185 square feet of air-conditioned living space, priced from $1.2 million; 2,750-square-foot 4-bedroom/4-bath condominiums, from $1.4 million; fully furnished 3-bedroom/3-bath “turnkey” condo/hotel residences of 2,040 square feet, from $1 million (still?); and 4,350-square-foot combination units, with 80 feet of ocean view, from $2 million.

There also are furnished, 655- to 1,010-square-foot hotel suites and one-bedroom suites (with a living room) available for purchase, from $450,000 to over $600,000.

Acqualina’s projected completion is spring 2004.

To set up a private tour, which is by appointment only, call (305) 933-6666. Or, for more information, visit www.acqualina.com.

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Note: Penthouse rendering available upon request.