Manuel Grosskopf’s Château Group and Edgardo Defortuna’s Fortune International Group secured an additional $113.8 million in construction financing for their planned St. Regis Residences in Sunny Isles Beach.
City National Bank of Florida provided the developers the loan for the 150-unit planned north tower of the project slated for the 4.7-acre site at 18801 Collins Avenue, according to a news release. The financing follows a $200 million loan from Bank OZK in December. Bank OZK has provided the developers with $418.3 million in financing for the St. Regis project since 2020.
The St. Regis is planned to have two 62-story towers –– 170-unit south tower, and a 150-unit north tower. The south tower, launched sales in 2022, is nearly sold out and construction is set to finish in 2028. Construction will begin for the north tower later this year, the release shows.
The projected sellout is more than $3 billion.
The developers tapped Arquitectonica for design and Coastal Construction as the general contractor. The towers will include 70,000 square feet of amenities, including two restaurants, spa facilities, a fitness center, pools, a pet spa, padel court, guest suites and a private dining room. Pricing for the remaining units begins at $5 million.
The St. Regis has been in the works for more than a decade. Fortune and Château spent almost $113 million on a buyout for the 4.7-acre development site with 435 feet of beachfront in 2014.
The latest loan brings the project’s total construction financing to $532.1 million.That falls short of the whopping $630 million loan Gil Dezer’s Dezer Development secured for his planned oceanfront Bentley Residences in November. Dezer launched sales of the 61-story, 216-unit project in 2022, and the project is more than 50 percent presold.