Fortune International Group and Casa Tua are launching sales of their planned mixed-use condo tower in Miami’s Brickell.
Ora by Casa Tua, at 1210 Brickell Avenue, will span 76 stories and include 540 units, all designed for short-term rental use, according to Fortune CEO Edgardo Defortuna. Condos will range from 500 square feet to 2,400 square feet, with the larger three- and four-bedroom units on the top 30 stories of the tower.
Prices start at $800,000 and range up to $2.5 million, although Defortuna said he anticipates some of the penthouses selling for more.
All units will come fully furnished and with the option to rent on a short-term basis through the building’s hospitality management arm. “The only thing that you have to bring is your toothbrush, basically,” said Miky Grendene, founder of Casa Tua.
“We’re going to manage the units, and manage the services those units require, to make it seamless for the buyer, so they don’t have to worry about doing it on their own,” Defortuna said.
Amenities in the building will include private offices, content creation rooms, fitness and wellness facilities, two pools, and four restaurants by Casa Tua.
The development will be Casa Tua’s first foray into residential projects. The hospitality company, founded also by Leti Grendene, has its flagship private club in Miami Beach, and locations in Aspen and Paris. It operates Casa Tua Cucina in Brickell City Centre’s Saks Fifth Avenue, with another restaurant set to open at the planned Nomad Wynwood Residences project in Miami’s Wynwood.
Grendene said the Brickell tower is designed to meet people’s evolving needs. “The needs of people are changing as we speak,” he said. “Now I think we’re dealing with a nomadic kind of society.”
The developers expanded the scope of the project, which was originally only planned for 70 stories and 460 units.
“We determined that there’s really pent-up demand for larger units,” Defortuna said. “Especially on Airbnb.”
Ora by Casa Tua’s target buyers are investors, foreign buyers, and corporations looking to capitalize on the short-rental program, Defortuna and Grendene said. The Fortune chief emphasized they are not looking to compete with hotels, rather they’re aiming for short-term renters who want to stay a minimum of three days.
Defortuna expects to break ground next year and complete the building in four years, he said. While he can’t predict future short-term rental rates, Defortuna says current, similar offerings get $500 a night for a single-bedroom unit, and $1,600 a night for a two-bedroom unit.
Other planned short-term rental friendly buildings in Miami include Related Group, ROVR Development and BH Group’s District 225 tower. The developers are partnering with Airbnb on the 343-unit condo building at 225 North Miami Avenue in downtown Miami.