The Real Deal Miami

Prodesa, Fortune launch sales for Naranza at Edgewater tower

One-bedroom units start at $325,000
By Katherine Kallergis | December 05, 2016 04:40PM

Renderings of Naranza at Edgewater. Inset: Edgardo Defortuna

Renderings of Naranza at Edgewater. Inset: Edgardo Defortuna

Fortune International Group launched sales for Naranza at Edgewater, a 137-unit, 19-story condo tower now planned for the Miami neighborhood.

Prodesa, a real estate firm with offices in Colombia and Miami, is the developer behind Naranza. The project, at 430 Northeast 31st Street, is asking $325,000 and up for one-bedroom units. Two-bedroom, two-bathroom corner condos start at $444,900, according to marketing materials.

Despite a slowdown in the preconstruction condo market, Fortune president Edgardo Defortuna said he feels comfortable that Naranza will sell, especially at that price point. The market is “still healthy and alive, just at a different stage,” he told The Real Deal.

“Certainly, it’s very attractive to foreign buyers as a second home or to investors who would like to purchase a unit to rent, because I think the values are terrific there. The market is more difficult today so we’re really targeting everywhere in Latin America and abroad,” Defortuna told TRD, adding that his team has been on sales trips to Argentina and Ecuador and is currently in Turkey.

Naranza has an estimated $70 million sellout with plans to break ground as early as April 2017, depending on presales. The real estate firm launched sales during Miami Art Week.

Property records show Metro Edgewater LLC, an entity controlled by Carlos Ortiz and Juan Antonio Pardo, assembled the nonwaterfront lots in 2013 for a total of just more than $2 million.

It’s on the same street as the Paraiso complex, a four-tower, waterfront Related Group development. Fortune has been handling sales for those towers as well. Defortuna said about 60 units remain to be sold at the last Paraiso tower.