Ritz-Carlton Residences in Sunny Isles Beach unveils $1M sales gallery: PHOTOS

Miami /
Feb.February 08, 2017 05:30 PM

Ritz-Carlton Residences in Sunny Isles Beach is unveiling a new $1 million-plus sales gallery, as it begins vertical construction of the 52-story condo tower, The Real Deal has learned.

With more than 3,000 square feet of interior space and a 1,000 square-foot terrace, the new sales gallery, at 15800 Collins Avenue, is across the street from the planned 212-unit tower. It replaces a sales center that was on the oceanfront site of the project before construction began last summer.

Ritz-Carlton Residences, Sunny Isles Beach is being developed by a joint venture of Fortune International Group and the Château Group. The project broke ground last summer on a 2.2-acre at 15701 Collins Avenue.

Edgardo Defortuna, CEO of Fortune International Group, told TRD that the sales gallery’s $1 million cost is in addition to furnishings and technology moved from the previous sales center. He said finishing touches will be completed at the end of this week.

“It has a really good feeling of what the design will look like,” with sample kitchen and bathroom furnishings and finishes, as well as interior and exterior lounge areas, Defortuna said.

The project is designed by Arquitectonica with interiors by Florentine architect Michele Bönan. Bönan’s “trademark is making public area spaces feel like an extension of your home, very comfortable, luxurious with great finishes, but very usable,” Defortuna said. “You don’t feel like you can’t sit on the sofa or everything is perfectly manicured.”

Units at the tower will have Italian cabinetry, stone countertops, wine chiller and cappuccino makers. Amenities will include a restaurant, pool deck, kids club, spa, fitness center and wellness center, as well as a private club level on the 33rd floor, with a lounge, two bars, guest suites, a breakfast and private dining area, business center, media room and library.

Defortuna said presales are now at about 64 percent, including three of five penthouses, with a fourth in negotiations. Buyers hail from more than 20 countries, he said, including Argentina, Mexico, Brazil, the Northeastern U.S., the United Kingdom and Canada. Prices range from $1.9 million to $30 million for penthouses, or an average of about $1,500 per square foot.

“The last few months of the year were slow, but we are in the peak of the season, and the weather really helps,” Defortuna said.

Fortune International Group and Château Group closed on $163.11 million in construction financing from Bank of Ozarks in September, boosting their mortgage to $212.11 million.

Initially, construction focused on underground parking, and about a month ago the project began going vertical with the foundation and first concrete pour at the bottom of the building, Defortuna said.

The tower is expected to top off in late 2018 and will be completed in mid-2019, he said.

Fortune is also developing Jade Signature and Auberge Beach Residences and Spa Fort Lauderdale. Previous projects include Jade Beach, Jade Ocean and Hyde Resort & Residences Hollywood. The Château Group, led by Manuel Grosskopf, recently completed Fendi Château Residences in Surfside and is also the developer of Château Beach Residences. Other planned projects include 600 and 700 Biscayne in Miami and a mixed-use development in Hallandale Beach.


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