Fortune International Group is the latest developer to bet on the Pompano Beach market.
The Miami-based development firm, led by Edgardo Defortuna, paid $27.5 million for the 4.6-acre site at 1380 South Ocean Boulevard, the company announced Wednesday. Fortune is planning to build two high-end condo towers on the oceanfront and Intracoastal-front site, but plans to release more details in the first half of 2021.
Fortune bought the property, which has 500 feet of waterfront, from Lionheart Capital. The developer, led by Ophir Sternberg, had planned to construct the city’s tallest buildings on the site, and was looking to launch sales of the project last year. The property is currently approved for a 30-story building on the beach, a 12-story building on the Intracoastal with 239 residential units, and a private marina.
The sale of the site comes as more developers look to build luxury condos in Pompano Beach. Related Group recently launched sales of Solemar, a 105-unit, 20-story oceanfront building that will mark the second new development to be built on the beach in Pompano since Sabbia Beach was completed in 2018.
Developer Dev Motwani also has plans to build a 27-story condo building at 1350 South Ocean Boulevard.
Earlier this year, Defortuna said Fortune and its partner Château Group may launch sales of an oceanfront project in Sunny Isles Beach by the end of 2020, despite the pandemic.