Word: clubbed
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Dates: during 2010-2019
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Donald Trump has never been accused of subtlety. So there is nothing retiring about the celebrity real-estate magnate's venture into Panama. His 70-floor sail-shaped Trump Ocean Club, under construction in Panama City's exclusive Punta Pacifica district, will be the largest and most expensive building ever built south of the Rio Grande. "Nothing like this has ever been attempted in Latin America," says head developer Roger Khafif, whose K Group construction firm is handling the $400 million project. "When you think of Sydney you think of the Opera House, when think of Paris you think...
...unit building's construction has now reached the 62nd floor and is scheduled to be inaugurated by the end of the year, complete with luxury condos, a five-star hotel, six restaurants, a Las Vegas-style casino and a private yacht club on the nearby Isla Saboga. The project is 10-to-20 times more expensive than that of any other skyscraper in Panama City. It will be 20% bigger than the AOL-Time Warner building in New York City, Khafif says...
More expensive than Miami real estate and priced three-to-eight times higher than property in the rest of the Panamanian market, the Trump Ocean Club is partially financed by a $230 million bond offering from Bear Sterns. That bond is now being handled by JP Morgan following the collapse of Bear Sterns in the 2008 global financial crisis. "Without Trump, we would have lost our shirt," Khafif admits. Since then, more than 2,000 construction workers add a new floor each week, silencing many of the earlier skeptics who claimed the project would never get off the ground...
...some doubts remain. Eric Jackson, owner of the English-language Panama News thinks that many of buyers in the Trump Ocean Club, which claims it is 90% sold, could be speculators rather than future tenants. "You go around Panama City and look at these new 'sold out' luxury towers at about 8 p.m. and there are hardly any lights on in them," Jackson says. Samuel Taliaferro of the PrimaPanama investment blog agrees. "I have received emails from a number of speculators who never intended on taking possession...
Honing their games in the Sunshine State over spring break, the two-time defending Ivy League champions kicked off the 2010 season in sparkling fashion Thursday afternoon, taking down Central Florida, 303-314, at the Red Tail Golf Club in Sorrento...