Fortune and Chateau buy condo development site for $113M
La Playa del Varadero owners bought out?
Fortune International Group teamed up with Chateau Group to buy a hotel condominium complex in Sunny Isles Beach and they plan to replace it with a luxury condo project.
The joint venture between Miami-based Fortune and Chateau, which was founded in Argentina, paid $112.5 million for the four buildings on 4.7 acres at 18801 Collins Ave.
It appears the developers reached an agreement with the individual owners of the 347 units in the La Playa de Varadero, which was built in 1965, to buy them out. These were hotel condo units, so most of the owners probably didn't live there.
The developers have yet to reveal the details of their plans for the site, which has 430 feet of beachfront.
"Leveraging our 30 years in South Florida, we have identified Sunny Isles Beach as a real estate market with the potential for long-term sustained growth and we look forward to building on the strong and mutually prosperous relationship with the Chateau Group," Fortune International CEO Edgardo Defortuna said in a news release.
Fortune and Chateau are currently building a condominium building at 15701 Collins Ave. in Sunny Isles Beach. "By joining with Fortune International, we are confident that together we will produce quality developments that will enhance the area's already growing appeal," Chateau head Manuel Grosskopf said.
Read Nov 7, 2014, in the Florida Business Journal
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