Developer of Miami’s tallest tower taps Fortune to handle apartment leasing

Move-ins expected for March, hotel to open in February

Miami /
Jan.January 16, 2018 10:30 AM

Rendering of Panorama Tower, Edgardo Defortuna and Jerome Hollo

UPDATED Jan. 26, 1:10 p.m.: Renters will be able to move into Miami’s tallest tower starting in March.

Tibor Hollo’s Florida East Coast Realty just tapped Fortune Development Sales to take over leasing efforts at Panorama Tower. Rents at the luxury mixed-use building will start at $2,525 for an 1,134-square-foot one-bedroom to $6,736 for a three-bedroom, 2,175-square-foot apartment, a spokesperson said. Two-bedroom apartments will range from 1,125 square feet to 1,630 square feet and start at $2,758.

The 85-story development at 1100 Brickell Bay Drive will open in two phases, starting with the 208-room Hyatt Centric hotel in February. Residents will be able to move into the building’s 821 units the following month. Once Panorama is completed, the 868-foot tower will be the highest in Florida and the tallest residential tower south of Manhattan.

Fortune’s Lorenzo Rodriguez will handle leasing with a team of five agents. Fortune president and CEO Edgardo Defortuna, who has sold thousands of condo units in the neighborhood, called the leasing assignment “perfect timing in the market” since condo sales have slowed significantly.

“Even though I know there were other [firms] being considered … Tibor [Hollo] and his team were very supportive of us being the ones to handle this project,” Defortuna said.

Panorama’s apartments are geared toward young professionals and will feature a music room, three private movie theaters, a yoga/pilates studio and a pet spa. Additionally, the hotel will share its amenities with residents, including a full-service spa, fitness center and pool. The building will also have about 100,000 square feet of office space and 50,000 square feet of retail space.

While rents will be reduced for residents who don’t need a parking space or for those with electric cars, the developer is not planning on offering incentives, Defortuna said.

FECR could also eventually convert the rentals to condos, like it did with Opera Tower and others in Miami’s urban core. Once the condo market strengthens, Defortuna said he could see the developer converting the luxury units to condos in the long term.

The developer financed construction of the roughly $800 million project with a $340 million construction loan from Wells Fargo in March 2015, the second biggest loan to close that year in South Florida.

Last year, Tutor Perini Building Corp., the former contractor on the Panorama project, filed a lawsuit in Miami-Dade Circuit Court against FECR alleging it failed to turn in project designs on time and revised project plans as recently as October without giving a deadline extension — allegedly resulting in millions of dollars in unpaid work.

An earlier version of this story listed an incorrect address and unit sizes. 


Related Articles

arrow_forward_ios
Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
AMLI Residential bets $31M on another Midtown Miami development site
AMLI Residential bets $31M on another Midtown Miami development site
The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)
New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)
Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
PTM Partners' Michael Tillman and Nicholas Pantuliano with Kushner's Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire
A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire
A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire
A rendering of the project with Related's Jorge Pérez and Jon Paul Pérez (Chisholm Architects)
Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M
Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M
arrow_forward_ios

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

Loading...