Fortune, Chateau Partnership Has Sights On Sunny Isles Condo Tower
A partnership between two Argentinean developers is moving forward on two adjacent oceanfront parcels for what would be the latest tower to grace the Sunny Isles Beach skyline, the Daily Business Review has learned.
Fortune International Realty and Chateau Group are partnering to develop a high-rise condo in the 15700 block of Collins Avenue, according to Fortune International chief Edgardo Defortuna.
Fortune and Château formed a joint venture to buy the land at 15795 Collins Ave. The sale of the 38,725-square-foot parcel, which was bought by Château for $10 million in 2011, closed recently for $40 million.
In November, Fortune scooped up the beachfront parcel to the south at 15701 Collins Ave., the site of the stalled Solis development, for $41 million. The Solis project was the target of a foreclosure action filed by Mercantil Commercebank in 2010.
Chateau Group is headed by Argentinean developer Manuel Grosskopf and his father, Sergio.
"The idea was always to combine the two lots and build a great building there on the site," Defortuna told the DBR Thursday. "We think it's one of the best sites left."
Defortuna explained he had long known the Grosskopf family socially and arranged the transaction to entail "a true partnership."
"We're 50-50 on everything," Defortuna said. "We've known them for a very long time. We know both our groups always try to excel and do something luxurious and high end."
Defortuna would not reveal much detail about the project, which is currently being shopped to various architects and interior designers, beyond noting it was planned as a high-rise that would "maximize the site and maximize square footage."
"We'll go through the process," he said, explaining right now all he had was an "instruction sheet" he was sending to various architects and had not decided what kind of branding or commercial partnerships would come into play.