Realestate Firm Pays 26 Million For 25acre Site On Sunny Isles Beach
Written by Miami Today on July 17, 2003
By Sherri C. Ranta
Fortune International says it will pay $26 million for a Sunny Isles Beach site where it plans a 50-story oceanfront condominium.
The Miami-based real-estate company purchased the 2.5-acre site of the old Dunes Hotel from an Argentinean group in a deal that closed last week, said Fortune president Edgardo Defortuna. The property, including 300 feet of beach, is at Collins and 172nd avenues.
Developers hope to obtain site-plan approval for the tower from the city by late summer. Construction is expected to begin next year.
Fortune says the tower is planned to be similar to its Jade Residences at Brickell Bay, a 48-story, 326-unit residential project under construction east of Brickell Avenue. Jade is scheduled for completion next year.
The Sunny Isles project, not yet named, is expected to have 250 units priced from $400,000 to $4 million, Mr. Defortuna said, and will include one-, two- and three-bedroom units.
Site work is under way on another Fortune project in Sunny Isles Beach – the $82 million M Resort Residences condo-hotel, a 25-story, 210-unit tower at 18683 Collins Ave. Fortune demolished the 1960s-era Tangiers hotel for that project.
Industry sources this week confirmed earlier reports that Fortune is negotiating with London-based Le Meridien Hotels and Resorts to manage the property.
Mr. Defortuna said Fortune paid about $9 million last year for the 1-acre M Resort site. "The going rate for oceanfront in Sunny Isles is about $10 million an acre," he said.
Sunny Isles Beach is experiencing a redevelopment boom as oceanfront hotels constructed in the 1950s and 1960s are demolished for new high-rises.