Fortune Realty Buys Grand Bay Clubs Clubhouse
Written by Eric Kalis on April 19, 2007
By Eric Kalis
South Florida developer Fortune International Realty last week bought the 2-acre Grand Bay Club’s clubhouse property on Key Biscayne, Fortune Principal Edgardo Defortuna said.
The company closed the deal last week with a Venezuelan consortium that operates in Florida as Grand Bay Club Partners LLC. Mr. Defortuna declined to disclose the financial terms. "There are a few items still pending," he said.
A strong relationship between Fortune International and the consortium and the property’s beachfront location were pivotal factors in the company’s decision to buy the property, Mr. Defortuna said. "Obviously, we were attracted to the piece of property. … It is important for us to acquire waterfront property when it is available."
The fate of the property is undetermined, Mr. Defortuna said. The private club has 450 members, he said. The club will be operated for now, Mr. Defortuna said.
One option for Fortune International would be to combine the Grand Bay site with the adjacent Sonesta Beach Resort, which Mr. Defortuna owns. The Key Biscayne Village Council on Monday unanimously approved the company’s plans to redevelop the Sonesta site with 165 residences averaging 3,700 square feet in four or five towers supported by resort amenities. The company scrapped plans last year to build a condo-hotel at the site after concerns were raised by village planning department officials.
"If the opportunity to put [Grand Bay and Sonesta] together and have the club as an amenity comes up, we will analyze that," Mr. Defortuna said. "For now, we are prepared to run and improve the club."