Sunny Isles commission approves Jade Signature modification

Miami /
May.May 19, 2014 12:00 PM

Sunny Isles Beach commissioners approved the developer of Jade Signature’s request to modify a previously approved site plan for the condo project.

The commission voted 3-1 to allow developer Sunny Isles Beach Associates to reduce the project’s units from 223 to 192 and cut parking spaces from 429 to 422. Vice Mayor Isaac Aelion was the only member to vote against the modification during Thursday’s hearing. Sunny Isles Beach Associates is an affiliate of Fortune International.

Fortune always intended to build 192 condos and marketed the project as such, attorney Cliff Schulman told The Real Deal in a written statement.


Schulman represents the developer.

City zoning allowed Fortune to develop up to 258 units at the Jade Signature site, according to Schulman.

“My client knew very well that they would not actually build that maximum density because they realized the Sunny Isles beachfront purchasers desire larger, more luxurious units,” he said. “They submitted the initial site plan application for 223 units to allow for further design flexibility for the architects and interior designers.”

Schulman cited “recent changes in the marketplace” in last month’s site plan modification request, as previously reported by TRD.

“The changing market conditions referenced in my cover letter to the city was clarification that because of the strong Sunny Isles market, my client was and is committed to develop the larger 192 units and is leaving the additional density on the table, as they envisioned from the beginning,” Schulman said. — Eric Kalis


Related Articles

arrow_forward_ios
A unit at Turnberry Ocean Club was the most expensive condo sold last week (Turnberry Ocean Club)
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
Infinity project (Kobi Karp)
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
Federal prosecutors allege Naman Wakil laundered ill-gotten Venezuelan contracts with Miami area condo purchases (Getty)
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
DLocal founder Andres Bzurovski with the Porsche Design Tower penthouse (DLocal)
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
The Penthouse at Mansions at Acqualina has two grand salons and a covered terrace with a pool.
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Verzasca brings on Compass to sell out remaining units at Sunny Isles condo tower
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
(Google Maps, Mansions At Acqualina)
$27M penthouse sale in Sunny Isles leads weekly condo sales
$27M penthouse sale in Sunny Isles leads weekly condo sales
arrow_forward_ios

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

Loading...