Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences in Sunny Isles Beach in South Florida, have paid off a $212 million construction loan on the newly opened tower. The developers received the loan from Bank OZK in September 2016. Managed by Ritz-Carlton, the complex is one of the brand’s only standalone oceanfront condominium high-rises worldwide.
The 52-story building at 15701 Collins Avenue — which was designed by award-winning architect Bernardo Fort-Brescia of Arquitectonica and features interiors by acclaimed Florentine architect Michele Bönan — was completed in February when it received its temporary certificate of occupancy. The tower is already more than 80% sold.
Now, in the midst of the COVID-19 pandemic, the developers have completed 100 closings, with a great number of them conducted virtually. (All four penthouses were sold prior to construction.) They have additionally finalized new sales totaling more than $30 million.
“Paying off this loan so quickly after opening the tower — and in the midst of these extremely challenging times — further confirms the support for our project and the excitement it has generated among buyers across the globe,” said Manuel Grosskopf, CEO of Château Group.
“Our residents have been praising the end result of the thoughtful and detailed work that has gone into creating and delivering this dream of ours,” said Edgardo Defortuna, president and CEO of Fortune International Group. “The project’s longstanding sales success, as well as these most recent triumphs, have been a testament to the buyers’ recognition of a high-quality project paired with a high level of service.”
Offering hotel-level butler services, a beachfront location and airy, light-filled contemporary designs, The Residences has attracted some of “the most high-profile buyers in the world,” Grosskopf said.
The Residences, which has no hotel on the premises, boasts a prime coastal location with 250 feet of beachfront. Comprising an updated total of 209 residences (adjusted from the original total of 212 units due to buyers combining units), the high-rise has a private club level on the 33rd floor, including private suites for resident guests, beach restaurant and bar, two pool decks, a kids club, full-service spa, fitness center and wellness center, among other top-line amenities.
Further highlights in each of the homes‚ all of which are smart-technology-ready, include private entrances, living and master bedrooms with direct oceanfront views, walk-in closets and pre-wiring for high-speed internet access and Wi-Fi.
