U.S.A Lending and Realty Presents

A Phenonenal Miami Real Estate Development.

-Copied from the miami magazine SEPTEMBER 2008 issue

FISHER ISLAND RENAISSANCE - AMajor enhancements underway at South Florida’s most exclusive residential enclave
BY SARAH SUTTON

As developments throughout Florida proceed warily, tony Fisher Island is going fullsteam ahead with a multimillion dollar restoration of its infrastructure and facilities.

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Originally built in the 1920s as the winter estate of William and Rosamund Vanderbilt, Fisher Island is a 216-acre private residential enclave just south of Miami Beach named for former owner Carl Fisher, who was instrumental in the development of Miami Beach.

Redeveloped in the 1980s as a 700+ home luxury community, Fisher Island is accessible only by water or air. Its residents constitute the highest per capita income group in the U.S., according to the 2000 census.

Dubbed “a modern day renaissance,” the $57 million Fisher Island master plan is overseen by project coordinator Michiel van de Kreeke. The 15-point project includes restoration of the Beach Club, the Vanderbilt Mansion clubhouse, hotel, golf course, tennis center, marina, spa, and club infrastructure buildings.

The goal, says van de Kreeke, is to “restore the residential oasis to its original splendor” with as few disruptions as possible to the club’s normal operations.

“There was a lot of neglect over the years, prompting numerous lawsuits,” he explains. “When Fisher Island Holdings bought the property two years ago, it also purchased the lawsuits, and subsequently agreed to settle for $25 million.”

That global settlement provides the initial capital outlay for the work, with additional funds generated through a $57,000 assessment levied on each Fisher Island Club member. Although a majority of the club’s membership voted in favor of the assessment, there remain a substantial number who vehemently oppose it.

“The assessment passed by just 20 votes, so we are facing some disagreement,” says van de Kreeke. “Members have several financing options, but if their part of the obligation is not met within the time frame allotted, they could lose their membership,”

Membership provides access to some of the most coveted amenities in South Florida – world-renowned deep-water marinas and yachting center, the top-rated Spa Internazionale, a grand slam tennis center, par 35 championship nine-hole golf course, a polo field, private beaches, and eight top restaurants and lounges.

Restoration of the golf course has already been completed under the watchful eye of original designer P.B. Dye, a scion of one of the most respected golf course design families in America. Improvements include laser-leveled tees, new cart paths, rebuilt bunkers, sub-surface drains, a computer-controlled irrigation system and resodding the course with a specialized salt- and heat-resistant grass.

The tennis center – with its 18 clay, grass and hard courts – has a new watering system, landscaping, outdoor furnishings, and improved lighting for night play, plus a remodeled snack bar and redesigned proshop. The Island’s deep-water marinas were updated with new pilings, hardwood decking and improvements to the electrical and mechanical systems.

The first phase of construction is being completed by an impressive roster of nationally recognized designers, architects and craftsmen, including Axioma 3 as the lead architectural firm, Howard Design Group and STAArchitectural Group. Van de Kreeke is also working closely with the Island’s design and development board, consisting of some of the top names in the construction industry: Tom Murphy, Anthony Hai, Jack Loeb and Jeff Spragens.

The remaining improvements – which include a new Town Center overlooking the marina – could take 36 to 42 months to complete, says van de Kreeke, because much of the work needs to be done off-season.

Meanwhile, two new buildings overlooking South Beach and the ocean are under construction. The Mediterraneanstyle Palazzo del Sol and Palazzo del Luna have 47 residences each, ranging in size from 4,000 to 10,000 square feet of living space and ample terraces, some over 10,000 square feet. Penthouses feature rooftop terraces with private pools and panoramic views.

Palazzo del Sol, slated for completion in 2010, will be equipped with state-of-the-art technology, a personal valet and concierge, private cabanas surrounding a lagoon pool and all the comforts the elite island is known to offer. Residences range in price from $5-$25 million.