When Shaquille O’Neal does something, it typically is done in a way as big as he is. His most recent entry into the world of real estate is just as large. The O’Neal Group is planning on new development in Miami that will cost over 1 billion dollars.
With the recent downturn in southern Florida real estate values and the slowing in sales, will this move be less Heat and more Kazaam for the basketball/actor? We shall see.
O’Neal Group’s first project will be Metropolitan Miami, also known as the Met, which is being built by Miami-based MDM Development Group. The Met will have 1,100 residential units, including the 866-foot Met 3, the tallest residential tower south of New York, as well as an office tower, a hotel and the area’s first Whole Foods Market Inc. store. O’Neal plans to open a 24-Hour Fitness/Shaq Ultra Sport gym at the Met.
“It’s refreshing to see these athletes getting involved in real estate beyond the traditional bar and nightclub, where athletes have lost as much money as they’ve made,” said David M. Carter, executive director of the Sports Business Institute at USC.
O’Neal wouldn’t disclose the financial terms of his company’s involvement in the Met.
O’Neal Group plans to focus on mixed-use developments that integrate residential units with such amenities as fitness centers and supermarkets. via the Los Angeles Times
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Mixed-use facilities will probably is the future of commercial real-estate. It is exciting to see the O'Neal Group lay the marketing ground work for this project as well. Inetegrating more than condos and shopping but also adding educational, recreational, and vocational training services and amenities will revolutionize the health/fitness/lifestyle industry. The penatrable market for these ventures is speculatively low. I am glad to see the O'Neal group set the trend and begin to prove to investors and grantors that mixed use facilities will not only generate billions of dollars but provide thousands of jobs and improve lifestyles worldwide.
The United Legacy Group is forming even now to expand the relativity between education, recreation, and vocational training.
YO SHAQ! HOLLA ATCHA BOY BOY!
BIG BIRCH