The Real Deal Miami

Chateau, Fortune make another big Sunny Isles move

Developers team up to buy out hotel and condo complex for nearly $113M
Manuel Grosskopf

Manuel Grosskopf

Chateau Group and Fortune International Group spent nearly $113 million to buy out a hotel and condominium complex in Sunny Isles Beach with plans to reposition the site as a luxury condo.

A joint venture between the developers, who are already building a condo project at 15701 Collins Avenue in Sunny Isles, acquired four buildings on about five acres at 18801 Collins Avenue. The venture struck a deal with the owners of 347 units in La Playa de Varadero, which was constructed in 1965. The transaction has not been recorded by Miami-Dade County.

Plans for the beachfront site have not been disclosed, according to the South Florida Business Journal.

“By joining with Fortune International, we are confident that together we will produce quality developments that will enhance the area’s already growing appeal,” Chateau leader Manuel Grosskopf said. [South Florida Business Journal]Eric Kalis

  • bad

    Okay so more condos that are vacant and claim to be sold, when buildings in the same location from the previous boom are still not sold. Are they just stupid people with money and want to building for fun as if its legos or are they looking at pure economics and what is going on in South Florida.

  • Miami Beach Mom

    They are all sold! What are you talking about? People pay $3M for a 2 bedroom and $5m for a 3 bedroom. These developers are making money hand over fist!

    • bad

      developers based their developments of a short time hype Miami received from foreigners, not economics. majority of Sunny isles is vacant developers claim they have things under contract but we all know its BS because, the florida realtor association is claiming that what developers are building is even close to what is actually selling, and they do not understand why banks are lending

  • real

    Bad is right. They are building and building when nothing is really sold out. the mini building boom we had last year all those condos that finished by mid 2014 are the only ones that sold out. Developers did not use economics because if they did than they would of realized that building million dollar condos for foreigners is not something that will last its a fad, now if each developer built something different not all the same thing than it would of been a different story. they needed developers building affordable homes for the middle class. they either built for wealthy or poor. and the wealthy are using this as a vacation home and when they find a new vacation hip spot they will leave Miami and go there. If they catered to Miami residents than they would know multi million dollar condos is not what we need because we have plenty up and down Biscayne and Collins