Fortune International Group and Oak Capital, the firm led by former Lionheart Capital principal Ricardo Dunin, launched sales of The Ritz-Carlton Residences, Pompano Beach, The Real Deal has learned.
The two-tower, 205-unit waterfront luxury condo development at 1380 South Ocean Boulevard joins other projects in the pipeline in the Broward County city, which is north of Fort Lauderdale. Since the pandemic began, the Related Group launched and sold out Solemar, an oceanfront condo under construction in Pompano Beach.
Luxury condo developers throughout South Florida have launched and sold a number of projects this year due to heightened demand.
If market conditions continue, the developers of the Ritz-branded project could break ground by the end of next year, said Defortuna, president and CEO of Fortune. His firm, Fortune International Sales, will handle sales.
Fortune bought the approved sites from Lionheart Capital last year for $27.5 million when Lionheart’s principals officially separated and Dunin, who started his own firm, was left with some of the Lionheart properties. This mark’s Dunin’s first new project since leaving Lionheart.
The two buildings will be built simultaneously and will include a 32-story beachfront tower with 117 condos, and a 14-story, 88-unit building fronting a marina. The project will also have more than 35,000 square feet of amenities, including a marina yacht club and oceanfront beach club, sports courts, pool decks and restaurants.
Prices start at $1 million in the marina building and at about $3.5 million in the oceanfront building, Defortuna said. He confirmed that it will mark the most expensive development in the city.
“We’re taking Pompano to a different level in terms of quality and management,” Defortuna said, adding that the limited availability of land has pushed developers north. Solemar will likely mark the first new project to be completed in Pompano since Sabbia Beach was delivered in 2018.
Both Defortuna and Dunin have worked with The Ritz-Carlton before. Lionheart developed The Ritz-Carlton Residences, Miami Beach, and Fortune built The Ritz-Carlton Residences, Sunny Isles Beach with the Château Group.
The 4.6-acre Pompano property is separated by South Ocean Boulevard. The beach tower, with 250 feet of ocean frontage, will have larger units ranging from one to five bedrooms and between 1,309 square feet and more than 6,824 square feet, as well as two penthouses. The marina tower, also with 250 feet of waterfront, will have one- to four-bedroom units, ranging from 917 square feet to 3,947 square feet, and four penthouses, according to a release.
Piero Lissoni and Revuelta Architecture International are designing the project, which could be completed by 2025.
The sales center is expected to be completed by the end of January.
Defortuna said the developers will be in the market for a construction loan when they reach sufficient presales. They are requiring 35 percent deposits and are expecting primarily domestic buyers, though Defortuna said he’s seeing more interest from Latin Americans again, specifically from Mexico and Brazil.