SUNNY ISLES BEACH, Fla.--(BUSINESS WIRE)--South Florida’s most elegant address continues its reign as one of the most successful projects to enter the prime property market.
Fortune International Group and Château Group -- joint developers of The Ritz-Carlton Residences, Sunny Isles Beach -- announced today that they have paid off a $212 million construction loan on the newly opened tower. The developers received the loan from Bank OZK in September 2016.
The news comes on the heels of a string of triumphs for the property, which is managed by The Ritz-Carlton and is one of the brand’s only standalone oceanfront condominium high-rises worldwide.
The 52-story building at 15701 Collins Avenue -- which was designed by award-winning architect Bernardo Fort-Brescia of Arquitectonica and features interiors by acclaimed Florentine architect Michele Bönan -- was completed on Feb. 24 when it received its temporary certificate of occupancy (TCO). The tower is already more than 80 percent sold.
Since the building broke ground, each milestone associated with its rise has been monumental, including the pre-construction sell-out of all four penthouses -- a record feat for the area. Now, in the midst of the COVID-19 pandemic, the developers have seamlessly completed 100 closings, with a great number of them conducted virtually. They have additionally finalized new sales totaling more than $30 million. Adding to the magnitude of these accomplishments, all have taken place in just over 30 days. It’s a testament to the unmistakable draw of the high-rise, its unique management services and international prestige.
“Paying off this loan so quickly after opening the tower -- and in the midst of these extremely challenging times -- further confirms the support for our project and the excitement it has generated among buyers across the globe,” said Manuel Grosskopf, CEO of Château Group.
“Our residents have been praising the end-result of the thoughtful and detailed work that has gone into creating and delivering this dream of ours,” said Edgardo Defortuna, President and CEO of Fortune International Group. “The project’s longstanding sales success, as well as these most recent triumphs, have been a testament to the buyers’ recognition of a high-quality project paired with a high-level of service.”
As one of the most unique offerings on the market -- attributed to its legendary hotel-level butler services, pristine beachfront location, and airy, light-filled contemporary designs -- sales at The Residences have been flourishing since the project was first announced in 2016.
“The most high-profile buyers in the world have been purchasing homes in this condominium, knowing that the services by The Ritz-Carlton, amenities, architecture, and designs will exceed every expectation,” added Grosskopf.
“The Ritz-Carlton Residences, Sunny Isles Beach are a new crown jewel for Miami’s ultra-luxury oceanfront property market,” continued Defortuna.
The Residences, which have no hotel on the premises, boast a prime coastal location with 250 feet of beachfront. Comprising an updated total of 209 residences (adjusted from the original total of 212 units due to buyers combining units), the high-rise has a private club level on the 33rd floor including private suites for resident guests, beach restaurant and bar, two pool decks, a kids club, full-service spa, fitness center and wellness center, among other top-line amenities. Remaining residences start at $2.6 million. Further highlights in each of the homes -- all of which are smart-technology-ready -- include private entrances, both living and master bedrooms with direct oceanfront views, walk-in closets, and pre-wiring for high-speed internet access and Wi-Fi.
The tower is located at 15701 Collins Avenue, Sunny Isles Beach, Fla. 33160. The address of the sales gallery is 15800 Collins Avenue, Sunny Isles Beach. For additional information, call 305.503.5811 or visit http://www.theresidencessunnyislesbeach.com.
The Ritz-Carlton Residences, Sunny Isles Beach are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. or its affiliates ("Ritz-Carlton"). Sunny Isles Property Venture, LLC uses The Ritz-Carlton marks under a license from Ritz-Carlton, which has not confirmed the accuracy of any of the statements or representations made herein.
About the Project Developers
Fortune International Group
Synonymous with excellence, quality, customer service and unwavering commitment to the highest standards of luxury, Fortune International Group has been a recognized leader in development, sales and marketing since 1983. With over 7,000 units and 9 million square feet of projects delivered, the company’s prestigious development portfolio includes many of the most prominent residential properties in South Florida including Jade Signature, The Ritz-Carlton Residences Sunny Isles Beach, Auberge Beach Residences and Spa Fort Lauderdale, Jade Residences Brickell; Jade Beach, Jade Ocean, and Hyde Resort & Residences Hollywood. In addition, Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having sold more than 25,000 units and currently representing some of South Florida’s most successful projects such as: Missoni Baia, Una Residences, 57 Ocean, 2000 Ocean, Monaco Yacht Club, 1 Hotel & Homes South Beach, Brickell Flatiron, SLS Lux & Gran Paraiso, among others. Led by visionary founder Edgardo Defortuna, Fortune International Group has 18 offices around the world with nearly 1,000 associates. Fortune’s international broker network reaches legions of prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris.
The Château Group
The Château Group, founded under the leadership of Sergio and Manuel Grosskopf, has more than 35 years of experience in the development of real estate projects in South America and the United States. Château has participated in several major real estate endeavors over the last several years, Château introduced the concept of Mall in Argentina with the development of Alto Palermo and Alto Avellaneda Malls in Buenos Aires and the entry of Wal-mart and Zara to the Argentinian market. In the residential field, Château Group developed over 1.6 million square feet distributed in the two most emblematic towers in Buenos Aires, Argentina: Château Libertador and Château Puerto Madero. In the United States, Château Group developed Château Beach Residences, a luxury high-rise condominium in Sunny Isles and FENDI Château Residences in Surfside, the first real estate development branded by FENDI worldwide. Other projects in the pipeline include 600 and 700 Biscayne (Miami, FL) and a mixed-use development in Hallandale Beach. In addition, Château Group has positioned itself as a high-end residential market leader in the world-renowned city of Punta del Este, Uruguay through the development of the new FENDI Château Residences, Le Jardin Residences, Beverly Tower, Coral Tower and Millenium Tower.