Donald Trump Plans $3 Billion Condo Development at Miami-Area Golf Course

Donald Trump aims to expand his high-end condo ventures in the U.S., this time leveraging a renowned, challenging Florida golf course. His family business is planning to construct luxury residences and retail spaces within the Trump National Doral Miami resort. Documents on the City of Doral’s website reveal that the resort spans over 600 acres and currently includes a hotel and four golf courses, among them the Blue Monster, notorious for its difficult water hazards.

According to Miami-based attorney Felix Lasarte, representing the Trump company overseeing the project, construction of this new “Trump-branded project” is expected to range between $2.5 billion and $3 billion. Eric Trump, who co-manages the Trump Organization with his brother Donald Trump Jr., stated that this development will positively impact home values and benefit the community. He described it as a “world-class development.”

The proposal outlines plans for 1,498 residential units and 141,694 square feet of commercial space in one of the country’s most competitive real estate markets. Lasarte explained that the development will consist of five towers, each approximately 20 stories tall, as well as townhouses. Condo prices are set to start at $2 million, with sales anticipated to begin next year, pending permits.

Tax easement on the Blue Monster golf course

On Wednesday, the Doral City Council will vote on a significant zoning change needed for the condos and retail space. City staff have recommended that the council approve the change, which is vital for the project to move forward.

This condo project has the potential to enhance the value of the Doral property, which has been a major revenue generator for the Trump Organization. Even if nothing new is built, changes in zoning rules and a recent multimillion-dollar tax easement on the Blue Monster golf course could already boost its paper value.

Earlier this year, Trump’s wealth surged, thanks in part to his social media startup. Though some of the excitement surrounding Trump Media & Technology Group Corp. has waned, it still plays a role in increasing his overall worth, which is estimated at $5.3 billion. Trump’s real estate holdings are valued at $2.7 billion, with Trump National Doral accounting for $305 million of that, though $125 million is linked to debt. Last year, the Trump Organization received a $1.5 billion offer for the Doral property, contingent on zoning approval.

Environmental Easements

Initially, Trump had plans to build 2,300 luxury homes at Doral in January 2022 but later scaled back his vision. However, he reached a conservation agreement with the City of Doral, earning a tax break in exchange for pledging not to develop the Blue Monster golf course. This course is not only a tourist attraction but also a protected habitat for threatened bird species like the little blue heron and the wood stork.

The conservation easement decreased the property’s market value to $345 million from $668 million, potentially leading to a $323 million tax deduction, according to a publicly available IRS document tied to the 2022 agreement. The Wall Street Journal first reported the potential size of the deduction. Lasarte mentioned that the Trump Organization plans to pursue similar conservation easements on the resort’s other golf courses.

While Trump’s fame largely grew from his presence in New York, his business ventures are now increasingly concentrated in Florida. His social media company is based in Sarasota, and most of his extended family moved to South Florida after he left the White House in 2021. Additionally, Trump is planning to build offices at his Jupiter golf club, according to a report from The Palm Beach Post. The Trump Organization has also been expanding into international deals, with new projects underway in Dubai and the Middle East.

Also Read: Top 10 Best Golf Courses In The World