Developer Edgardo Defortuna, president and CEO of Fortune International Group, could launch sales of luxury oceanfront condo La Playa de Varadero in Sunny Isles Beach by the end of 2020, despite the pandemic. Reported The Real Deal.
The two 56-story towers with almost 500 residential units are located at 18801 Collins Avenue, and has been in the works for years. Defortuna said the developers could take advantage of reduced construction costs, which would bring unit prices down
Fortune is also on the hunt for land, looking for waterfront sites in Miami, Palm Beach, Naples and Tampa, he said. During the pandemic, Fortune and its partner Château closed the majority of units that were presold at the Ritz-Carlton Residences, Sunny Isles Beach, and paid off a $212 million construction loan from Bank OZK for that project.
The beautiful island of Sunny Isles Beach is home to some of the most high-end beachfront condos in South Florida, including the famous Porsche Design Tower with its high-tech car elevator, that allows owners to park their cars inside their homes.