Developers expand Sunny Isles condo project

Chateau, Fortune incorporate former Ocean Palm Motel site into development

TRD MIAMI /
Feb.February 11, 2014 01:30 PM

Chateau Group and Fortune International are significantly expanding the scope of their future Sunny Isles Beach development by incorporating the former site of the Ocean Palm Motel, The Real Deal has learned.

A Chateau-managed company sold the former Ocean Palm property at 15795 Collins Avenue last Friday to Sunny Isles OB Venture, which was created by the Chateau/Fortune partnership, according to Miami-Dade County records. The county recorded the $40 million transaction on Monday.

The sales center for Chateau’s luxury Chateau Beach Residences is currently located on the property, according to Manuel Grosskopf, who runs Chateau Group with his father, Sergio.

Through a company called Sunny Isles Property Venture, Chateau and Fortune surprisingly purchased an adjacent property at 15701 Collins Avenue for $41 million in a November foreclosure auction. A 52-story tower called Solis Resort Spa & Residences was supposed to be developed on the property. Construction of Solis began in 2007, but little progress was made before the project stalled.

Sunny Isles Property obtained a $25 million loan for the former Solis property from Mexico-based Banco Inbursa in December. In conjunction with the sale of the former Ocean Palm property, an amended mortgage increasing the loan balance to $49 million was filed on Friday. Both properties are part of the loan collateral.

The latest transaction gives Chateau and Fortune control of about two acres of developable oceanfront land in Sunny Isles, one of the hottest markets for condo construction in South Florida. Grosskopf told TRD the companies are still working on development plans for the site and hope to begin marketing the project by the end of this year or early in 2015.

“The idea is to combine the two sites and put a beautiful building” there, Grosskopf said. The venture is still just a few months into the process. “We’re trying to put the right program together for this amazing oceanfront property.”

Meanwhile, construction of the 84-unit Chateau Beach at 17475 Collins Avenue is nearly 70 percent complete, Grosskopf said. Only two unsold units remain.

On Friday, Chateau is hosting a groundbreaking ceremony for its Chateau Ocean Residences in Surfside. About half of the project’s 58 units are reserved, Grosskopf said. The developer is set to begin converting those reservations to hard contracts.


Related Articles

arrow_forward_ios
Joseph Milton and Parque Towers

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos
Rendering of GPI Real Estate Group’s Infinity, a previously planned 15-story mixed-use project

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Ritz-Carlton Sunny Isles Beach, Nicholas Perdomo Jr., Janine Perdomo

Perdomo Cigars’ owners buy condo at Ritz-Carlton Sunny Isles

Perdomo Cigars’ owners buy condo at Ritz-Carlton Sunny Isles
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Diego Arnaud and Ritz-Carlton Residences, Sunny Isles Beach

Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles

Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Ritz-Carlton Residences Sunny Isles Beach (Credit: Sunny Isles Property Venture LLC and iStock)

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...