The Real Deal Miami

Fortune and Premier Developers complete two major condo projects

Jade Signature is 96 percent sold, Riva is about 70 percent sold
By Katherine Kallergis | February 01, 2018 11:53AM

Jade Signature in Sunny Isles Beach with Edgardo Defortuna, and Riva in Fort Lauderdale with Bradley Deckelbaum

Developers recently completed two large condo projects, adding about 300 new units to the South Florida market.

Closings are underway at Jade Signature, a 57-story, 192-unit beachfront tower at 16901 Collins Avenue in Sunny Isles Beach. The building is 96 percent sold, according to a spokesperson for developer Edgardo Defortuna. Defortuna declined to provide the projected sellout amount in dollars.

Fortune International Group launched sales and construction in 2013 and the remaining units start at $4.8 million and 3,312 square feet. Penthouse units range from $14.2 million to $32.9 million. It’s the fourth Jade building Fortune has built.

Jade Signature was designed by Herzog & de Meuron with interiors by Pierre-Yves Rochon and Raymond Jungles landscaping. Buyers include Brazilian soccer pro Douglas Costa.

Developer Bradley Deckelbaum’s Premier Developers also recently delivered Riva, a 15-story, 100-unit condo development at 1180 North Federal Highway in Fort Lauderdale.

Ivan Ramirez, a vice president at One Sotheby’s International Realty, said the building is about 70 percent sold with a projected sellout of $135 million. Two-bedroom units start in the mid $700,000s and penthouses start at $2.29 million.

In August, Deckelbaum lowered the deposit requirement from 35 percent to 20 percent in a push to sell more units.

Condos come with boat slips, and range from more than 1,500 square feet to about 8,800 square feet.

Falkanger Snyder Martineau & Yates designed the development, which has have 8,000 square feet of commercial space on the ground floor, a 400-foot-long landscaped river walk, a water taxi, water sports center with a private dock, and a spa. Riva also includes a 40,000-square-foot club deck on the fourth floor with a 7,000-square-foot gym, a 2,500-square-foot club room, a 1,500-square-foot kitchen, private wine lockers, a dog park and a lap pool.

Madison Realty Capital provided a $65 million construction loan last year.