Coscan Homes Launches Construction Business With Two Sunny Isles Contracts
By Leslie Kraft
Coscan Homes has launched a construction arm with contracts to build two luxury condominium buildings on Sunny Isles Beach for Trump Dezer Development, company officials said.
Also, Coscan said they will announce several new development projects in South Florida within 60 days.
Coscan, purchased from Toronto-based Brookfield Homes by Al Piazza and Mike Neal in a management buyout in January, has formed Coscan Construction to act as a construction arm for other property developers, said Mr. Neal, executive vice president and chief operating officer.
"We created our own construction company because it allowed us to better control the cost and quality of a project," he said. "For other companies, we are able to provide better, experienced employees who understand the luxury-condominium product and the building code for it."
Coscan, which moved from Aventura to Fort Lauderdale four years ago, has about 125 employees in its construction division and 150 employees in its development division.
"We still plan to do more development than construction," Mr. Neal said. "We will limit our construction clients to two or three at a time and only take extremely well-financed projects."
He said Coscan’s move into construction for other firms would probably not have been possible while the company was owned by Brookfield Homes.
"Brookfield would not have wanted to take on the risk of construction," Mr. Neal said. "But the management buyout has allowed us to be more flexible."
Construction at Trump Dezer’s 50-story, 200-plus-unit Trump Palace is under way, he said, with work on the 52-story, 360-unit Trump Royale scheduled to begin by September 2004. The properties are being built as part of a $600 million joint venture between New York-based real estate magnate Donald J. Trump and Michael and Gil Dezer of Dezer Development. The Dezers own 27 acres of oceanfront land on Sunny Isles Beach and several buildings in New York, including the Simon Dezer Building on Fifth Avenue.
Coscan, which has built more than 5,000 luxury homes in 20 South Florida communities, has completed several development projects including Presidential Estates in North Miami Beach, Metropolitan on Brickell Avenue, Ocean Point in Sunny Isles Beach and South Tower at The Point of Aventura. Atlantic One in Aventura is under construction.