Somerset commits $300m to luxury Fisher Island project.Somerset Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has announced it has entered into an equity partnership with Fisher Island Holdings, LLC (Developer) for the development of Palazzo pa·laz·zo n. pl. pa·laz·zi or pa·laz·zos A large splendid residence or public building, such as a palace or museum. [Italian, from Latin Pal Del Sol Sol, in Roman religion Sol (sŏl), in Roman religion, sun god. An ancient god of Mesopotamian origin, he was introduced (c.220) into Roman religion as Sol Invictus by emperor Heliogabalus. , the newest ultra-luxury project on Fisher Island in South Florida. Fisher Island is the former home of William K. Vanderbilt and is an exclusive private island offering a luxurious and amenity-rich resort lifestyle in close proximity to fashionable South Beach as well as the booming downtown district of Miami. "We are excited to be partnering with a quality organization on a project of this magnitude," remarked Keith Rubenstein, Principal of Somerset Partners. "We are looking forward to being a part of the team that will showcase the unparalleled elements of Fisher Island and give it well-deserved recognition as truly, one of the most exclusive addresses in the world." In a highly structured deal, Somerset has committed more than $300 million in equity for development of Palazzo Del Sol, which is Fisher Island's latest, planned, ultra high-end project. Consisting of 47 condominiums ranging in size from 3,700 s/f to 25,000 s/f, the property will offer building amenities that have never been available to Island residents before. Among the amenities that owners of Palazzo Del Sol will enjoy: a huge free-formed lagoon lagoon Area of relatively shallow, quiet water with access to the sea but separated from it by sandbars, barrier islands, or coral reefs. Coastal lagoons have low to moderate tides and constitute about 13% of the world's coastline. pool surrounded by large cabanas; large, panoramic pan·o·ram·a n. 1. An unbroken view of an entire surrounding area. 2. A comprehensive presentation; a survey: a panorama of American literature. 3. bay windows; fountains at the entryway; a waterfall waterfall, a sudden unsupported drop in a stream. It is formed when the stream course is interrupted as when a stream passes over a layer of harder rock—often igneous—to an area of softer and therefore more easily eroded rock; the edge of a cliff or between the buildings and deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. concierge services. "We are extremely pleased to be working on this development project with the team at Somerset Partners," said Michael Fong, managing partner of Fisher Island Holdings, LLC. "This agreement brings tremendous opportunity for both of our respective companies." In addition to the new, exciting Palazzo Del Sol, the Board of Directors of the Fisher Island Club and the Developer have commissioned the Nichols Consortium to prepare a new Master Plan for the entire Island which would include: a world-class spa; renovated hotel rooms and suites; upgraded restaurants, as well as possible branding partnerships for luxury retail golf and tennis facilities. |
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