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Former President Donald Trump may be in the midst of a Presidential campaign, but the Trump empire keeps expanding. The Trump Organization has real estate holdings around the world, from golf courses in Scotland to residences in Bali.
One of his properties where he spends a lot of time is Trump National Doral Miami, his golf course and resort in Miami, Florida. Trump held a rally at the property on July 9 and called the property one of the greatest golf courses on earth. At that time, when he was running against President Joe Biden, he challenged him to a golf game on the property's famed Blue Monster golf course, saying it was "considered one of the greatest tournament golf courses anywhere in the world."
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The Real Deal reported that Trump Endeavor 12 LLC, a subsidiary of the Trump Organization, will appear before the Doral City Council to seek zoning changes for 56.4 acres of property at the Doral resort. In 2022, the organization sought approval for 2,200 condominium units. Last year, it received permission for 1,400 condos – those plans called for a four-story villa and four high-rise towers.
The new proposal calls for 1,498 residential units and about 142,000 square feet of commercial space, most earmarked for high-end retail and fine dining. Construction would be done in phases, with around 300 condos in each phase. The Trump-branded condo units could fetch as much as $2 million per unit. Right now, according to Zillow data, the most expensive condo listed for sale has a price of $870,000.
If the permits are approved, sales could start next summer. Felix Lasarte, the project’s attorney, explained the appeal to the South Florida Business Journal: "It's really geared toward golfing enthusiasts, overseas buyers who want golf course-type amenities."
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Trump bought the former Doral Resort & Spa property out of bankruptcy in 2012 for $150 million. At that time, the 800-acre resort had four golf courses, 700 hotel rooms, a 50,000-square-foot spa, and over 86,000 square feet of meeting space. The resort has hosted many PGA tour events. At the time of the purchase, Trump said he would spend $150 million to update the property. "The combination of the property’s incredible location in the heart of Miami and our very significant investment in upgrading the resort will enable us to return Doral to its former glory, if not surpass it," said Trump. "When completed, Doral will be the finest resort and golf club in the country.”
As of 2015, the Trump Organization reported spending over $350 million on the project. It has updated the Red Tiger golf course and unveiled new practice facilities and the 24,000-square-foot Donald J. Trump ballroom.
The Trump Doral property has been a successful investment for the Trump Organization. In April, Forbes valued the property at $273 million, noting that the property has a $150 million mortgage. The property currently makes most of its money through greens fees and hotel rooms, which start at $215 per night. Forbes estimated that the resort brings in $100 million in revenues and $18 million in profits based on disclosures filed by Trump as part of his candidacy for president. If the Trump Organization receives approval to go through with its condominium plans, that could increase the property’s value, especially if the Trump Organization can command top dollar for the units.
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This article Donald Trump Gets Ready To Expand Offerings At 'One Of The Greatest Golf Courses On Earth' originally appeared on Benzinga.com