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BUSINESS
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Shaquille O'Neal
Launches 'The O'Neal Group', A
Real Estate and Development Concern. -
September,
2006
Thursday September 21, 2006 The Company's First Endeavor is a Strategic Alliance with Metropolitan Miami, the Billion-Dollar, Mixed-Use Development Anchoring Downtown Miami's Urban Renewal Shaquille O'Neal announced Tuesday September 19 the formation of 'The O'Neal Group', a real estate and development company that will seek to engage in partnerships and joint ventures to acquire, develop and promote select projects across the U.S. While The O'Neal Group formalizes his interest in real estate, O'Neal has amassed a portfolio of residential and commercial property valued at more than $50 million throughout his tenure in the NBA. Areas of interest for the new company include his native state, New Jersey and select markets in the northeast, along with South Florida, Los Angeles, and Louisiana. The first project in which The O'Neal Group will be engaged is Miami-based MDM Development's Metropolitan Miami (The Met), the billion-dollar mixed-use development anchoring downtown Miami's urban renewal. The project includes more than 1,100 residential units, among them the 866-foot Met 3, the tallest residential tower south of New York, an office tower, luxury hotel, entertainment complex, and the area's first Whole Foods store. O'Neal plans to also bring a 24-Hour Fitness/Shaq Ultra Sport fitness facility to the project. "We've scoured the country to find an appropriate venue through which we could launch the O'Neal Group," says O'Neal, "and ultimately we decided that the best place to start was in our own backyard with Metropolitan Miami. He also noted, "This is the largest residential development project in downtown Miami proper, and it sits on the site where the historical Royal Palm Hotel used to be, the property that first launched downtown Miami more than 100 years ago. I am excited about our involvement with The Met and proud to be part of the area's comeback." Christopher Handy, executive vice president of The O'Neal Group, who negotiated the deal with MDM Development added, "The formation of The O'Neal group evolved out of Shaquille's desire to bring a focus and efficiency to his real estate interests. "Our primary focus is on landmark locations and real estate offerings that positively impact the way people live. Mixed-use developments with integrated living and `intelligent' designs -- such as The Met - are the prototypical examples of what we hope to accomplish." Although financial terms were not disclosed, The O'Neal Group has a financial stake in The Met and will be providing support for the project, the first of many such relationships the company expects to secure. The O'Neal Group will assist with the sales and marketing of the development, which includes engagement of the O'Neal Group as part of The Met's sales team. According to Michael Parris, president of The O'Neal Group, "We wanted to ensure that The O'Neal Group launched with significance and momentum. In The Met, we have an outstanding partner in MDM Development, plus the added value of a Whole Foods and Shaquille's 24-Hour Fitness as part of the development, along with the global reach of EWM Realtors, the project's broker. We are creating excellent synergies for the type of lifestyle Shaquille looks to endorse." "The Met is arguably downtown Miami's showpiece development," adds Luis Pulenta, principal of MDM Development. "The Met is literally transforming the area. Shaquille and The O'Neal Group's involvement is a testament, not only to The Met, but Miami's standing as one of the nation's most compelling real estate markets. We are delighted to have structured what is clearly a win/win for all - for the Met, for The O'Neal Group, and for the City of Miami." About The O'Neal Group Based in Miami, the O'Neal Group is a recently formed real estate development and consulting company headed by Shaquille O'Neal. The O'Neal Group seeks to acquire, develop and promote landmark real estate offerings that provide integrated lifestyle opportunities and/or improve the economy for previously underserved, underperforming communities. About MDM Development Based in Miami, MDM Development Group is a development and management company comprised of a management team with extensive experience in developing, owning and operating luxury hotels, office buildings and commercial mixed-use projects throughout South Florida. Since 1990, MDM has developed, owned and managed numerous properties in South Florida, including the JW Marriott Hotel, Dadeland Marriott Hotel, Courtyard by Marriott, Mellon Financial Center, Datran I, Datran II and Dadeland Executive Center. The company's executive team provides expertise in all facets of real estate development and management, including design, construction, management, land development, marketing, financing, asset management, technology services and staffing services. (Business Wire)
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