1667-8 Fisher Islandmimmmm
Air V
THU DEC 25 1986 ED: THREE-STAR
SECTION: INSIDE PAGE: 10A LENGTH: 18 .71" MEDIUM
ILLUST: John E. Riordan (The Miami News - LENNY COHEN)
SOURCE: JIM STEINBERG Miami News Reporter
DATELINE:
MEMO:
FISHER ISLAND CLUB ENTICING NEW MEMBERS
Hoping to lure club members and a few condominium buyers, developers of
Fisher Island have given away about 3, 500 temporary memberships to their
secluded, exclusive country club.
Guest members represent "a good cross section" that includes successful
lawyers and entrepreneurs, said James Baumann, the project ' s managing
director. Many of those invited for gues e e hip live outside Florida, but
are frequent visitors to South Florida, Baumann_hoted.
John E. Riordan, president of Fis r--Island Realty Sales Inc. , said
between 400 and 500 people have indicated they would be interested in joining
the club, which charges an annual fee of $1, 500 .
Membership is free to those purchasing a condominium on the island,
which can cost more than $900, 000, he noted.
Members are entitled to pat in -brie of se al 18th century- style dining
rooms located in the former Vanderbilt mansion, o play tennis on one of the
island' s 14 clay courts, three gr European paddle tennis courts.
Located between Virginia Key and the southern tip of Miami Beach, Fisher
Island also offers a 4 , 000-foot white sand beach, landscaped jogging and bike
trails and a multistation fitness course.
The guest membership program ends Feb. 1. The developers say they have
not decided how many non-residents will be allowed to join the club.
Since mid-October, when the $5 million restoration of the former
Vanderbilt mansion was completed, about 16 people have made non-refundable
deposits for condominiums of at least 10 percent of the selling price,
generally between $300, 000 and $660, 000, Riordan said.
Sales since mid-October have been equal to the number of units sold
during the development ' s first full-fledged marketing effort last winter,
Riordan said.
The former Vanderbilt mansion is "the nucleus of the life style" on
Fisher Island, Baumann said.
About nine families now live on the island, Riordan said.
Given the sudden sales surge, Riordan predicted that Fisher Island will
sell out its first cluster of 78 condominiums this winter season.
"This season is a critical test for Fisher Island to see whether there
is a market, " said Michael Cannon, president of Appraisal and Real Estate
Economics Associates Inc. , a Kendall- based real estate appraisal and market
research firm.
"Fisher Island is a gorgeous development, but the jury is still out as
to whether it will attract a market. The access, or lack of access, makes it
unique. "
If the market fails to emerge, Cannon said the developers might want to
re-evaluate current plans, which call for the construction of 1,200
condominium units over an eight to ten- year period.
The trial membership, Riordan said, has shown people how easily
accessible the island community is. Via one of two 120- foot car ferries,
Fisher Island is a seven-minute trek from the MacArthur Causeway.
An additional ferry has been ordered so that two will remain operational
when one is undergoing maintenance, Baumann said.
Mutual Benefit Life Insurance Co. of New Jersey and an affiliated
company own 70 percent of Island Developers Ltd. , which is developing the
project. William Rebozo' s Fisher Island Asso ates Ltd. owns 30 percent.
Last August, Baumann replaced Rebozou nephew of Key Biscayne banker and
Richard Nixon confidant Charles "Bebe" Rebozo, as manager of the $500 million
development. Rebozo had been involved in planning the Fisher Island project
since the late 1960s.
At the time, Mutual officials said "to some extent" pressure was exerted
for Rebozo to resign.
Mutual is currently negotiating with the minority partners to acquire
their holdings, said George Newman, vice president of Mutual ' s real estate
division.
Of his role, Baumann would only say, "I 'm here to finish a one-of-a-kind
project. "
A former retailing executive turned developer, Baumann previously did
consulting work for Williams Island, another Mutual real estate project in
Dade County.
ADDED TERMS: fisher island profile