L
ong before 2003, when ground was broken to begin building Towers One and Two, Robert Rinke and the late Allen Levin, the developers of the Portofino Island Resort, shared an extraordinary vision for a remarkable coastal property—a treasure on the Gulf of Mexico and Santa Rosa Sound. Inspired by a genuine love and respect for what nature had provided, they determinedly kept 64 percent of the resort in a natural state when erecting the first five towers, the lifestyle center, the pools, and the tennis courts. Granting every wish through onsite amenities and nearby attractions within a service-minded culture, how could Portofino Island possibly get any better as a destination getaway or a full-time residence? Over the years, many have looked to the east for the answer, where twelve acres adjacent to the resort remained untouched. Deliberating the many facets of what they desired for Portofino’s crowning jewel, Rinke and his partners have taken their time to conceive a blueprint that manages to preserve, embellish, and even redefine the lifestyle. “Our goal in designing the final phase is to complete the unique beach-to-bay experience,” says Rinke. In 2015, when Portofino’s owners were among the first to see the artists’ renderings of the future development, prospective buyers immediately wanted to secure their reservations
“ T H I S I S A W I N -W I N DEVELOPMENT FOR I NVESTORS, WH ET H ER THEY BUY IN THE NEW TOWERS OR KEEP THE U N I T S T H E Y H AV E . ”
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POR TOFINO LIFE 2015/2016
in Towers Six and Seven. Presales, however, will not commence until 2016, followed by construction in 2017 and completion in 2019. Those sharing any history with Portofino understand the upside of being first in line formaximum returns. Their patience, Rinke asserts, will be rewarded. In fact, he predicts that the wide majority of the 264 new sky homes will be purchased by existing owners simply because they appreciate the investment potential. Rinke reveals that some current owners, intending to sell units in the original towers over the near term, decided to wait, counting on higher market prices that should result from the final phase. “This is a win-win development for investors, whether they buy in the new towers or keep the units they have,” says Rinke, who loves talking about the grand enhancements, accessible to all owners and guests of Portofino Island. “What most excites me about this final phase is the Gulf-front amenity package.” The value of such facilities will be between $25 and $30 million. The twelve acres of land were purchased and paid for years ago. “Without land costs, we can pour the money into the bricks and mortar, creating even more value.” Rinke’s tour of what will come begins with an introduction to Towers Six and Seven. They mirror the five other Mediterraneanstyle triangles, yet they elevate Portofino’s lifestyle with larger units, broader views, and more luxurious appointments. The plan for uncommonly spacious units, even for Portofino, has resulted in having fewer units in the new buildings—117 condos per tower for an average of six homes per floor—in comparison to the preexisting buildings, which have 153 units each— nine per floor. Likewise, measuring 85 linear feet in width, each waterfront sky home will encompass at least 2,500 square feet inside, plus another 500 square feet of outdoor living area. For entertaining or enjoying personal time,