Developers of The Ritz-Carlton Residences Sunny Isles Beach Pay Off $212 Million Construction Loan

Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences, Sunny Isles Beach, have paid off a $212 million construction loan on the newly opened condominium tower. The developers received the loan from Bank OZK in September 2016. The news comes on the heels of a string of triumphs for the property, which is managed by The Ritz-Carlton and 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 on Feb. 24 when it received its temporary certificate of occupancy (TCO). The tower is already more than 80% sold. Since the building broke ground, each milestone associated with its rise has been monumental, including the pre-construction sell-out of all four penthouses, a record feat for the area. Now, in the midst of the COVID-19 pandemic, the developers have seamlessly completed 100 closings, with a great number of them conducted virtually. 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.”

“The most high-profile buyers in the world have been purchasing homes in this condominium, knowing that the services by The Ritz-Carlton, amenities, architecture, and designs will exceed every expectation,” added Grosskopf.

“The Ritz-Carlton Residences, Sunny Isles Beach are a new crown jewel for Miami’s ultra-luxury oceanfront property market,” continued Defortuna.

The Residences, which have no hotel on the premises, resides on a prime coastal location with 250’ of beachfront. The tower is comprised of 209 residences with 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. Each of the homes, all of which are smart-technology-ready, include private entrances, both living and master bedrooms with direct oceanfront views, walk-in closets, and pre-wiring for high-speed internet access and Wi-Fi. Remaining residences start at $2.6 million and sales are overseen by Fortune International.

For more information about The Ritz Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

The Ritz-Carlton Residences, Sunny Isles Beach Secures TCO & Sells Last Penthouse For $25.5 Million

The Ritz-Carlton Residences, Sunny Isles Beach, one of South Florida’s most anticipated residential towers, has received its temporary certificate of occupancy (TCO), signaling the start of closings for the oceanfront tower.  The ultra-high-end, 52-story condominium is the brainchild of Fortune International Group and Château Group.  It will be managed by The Ritz-Carlton, ensuring that the needs of those who are privileged to live in the high-rise are not only met, but exceeded.  Legendary Ritz-Carlton services will be tailored to individual preferences and desires, with ladies and gentlemen serving ladies and gentlemen.  The curation of bespoke moments, coupled with the level of attention to detail, comfort and convenience, will be unparalleled, redefining the luxury-living experience for high-net-worth individuals in South Florida.

In addition to announcing this milestone, the joint developers have disclosed that sales at the property are flourishing. In the last year, the condominium, which is now almost sold out, recorded more than $150 million in pre-construction transactions.  Buyer demographics, furthermore, have been far-reaching, with a majority hailing from the U.S., Latin America and Europe.

“This is a day of tremendous pride for our team of visionaries,” said Edgardo Defortuna, President and CEO of Fortune International Group.  “On a global scale, the significance of our tower’s opening cannot be overstated.  It has been one of the most talked-about projects worldwide.  Homebuyers familiar with The Ritz-Carlton brand know the level of service that they can expect to receive when they live in a high-profile property, such as this one.  Every conceivable convenience will be at their fingertips.”

“We are thrilled to be showcasing this building to the world and celebrating the continued excitement surrounding its unveiling,” said Manuel Grosskopf, CEO of Château Group.  “The interest from buyers has been a testament to the strength of The Ritz-Carlton brand, its global visibility, and subsequent appeal.  Savvy high-net-worth individuals know that these homes are going to offer them all of the perks of a five-star resort, but none of the transient use.  Needs of our residents will be anticipated before they even know they have them.  It’s an opportunity that cannot be overlooked.”

The ocean-inspired silhouette of The Residences is unmistakable, set to illuminate the coastline with its shimmering façade, comprised of more than 365,000 SF of glass (or more than 6,000 panes total). As the first building north of Bal Harbour, the tower boasts a prime location with 250’ of pristine beachfront. The Residences’ designs have been crafted by renowned architect Bernardo Fort-Brescia of Arquitectonica with interiors by acclaimed Florentine architect Michele Bönan. Comprising 212 residences, the high-rise will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, full-service spa, fitness center and wellness center, among other top-line amenities. Residences start at $2.6 million.

Further highlights in each of the homes, all of which are smart-technology-ready, include walk-in closets, laundry rooms with full-size washers and dryers, and pre-wiring for high-speed internet access and Wi-Fi.  Penthouses feature lush garden terraces spanning 2,000 SF – 4,000 SF, private pools and summer kitchens, custom-designed Italian cabinetry, service quarters, and well-appointed master suites.

Each resident will enjoy luxury hotel-level butler services, from cleaning and turndown services, to transportation to and from the airport, tickets to the most sought-after shows, restaurant reservations, educational programming and activities for youth, daily curated events, all the way to one’s favorite flowers arranged in their foyer vases and groceries securely stored in their refrigerator, to ensure there is a sense that everything falls perfectly into place.

Residents will also have the opportunity to share the splendor of their beachfront lifestyle with their guests while also offering exceptional privacy. The high-rise’s club level includes eight individual Guest Suites exclusively for friends, family, and loved ones of resident owners. These guests will have a taste of The Ritz-Carlton standard of service with daily housekeeping and access to the building’s services and amenities.

Since the launch of sales in 2015, the sell-out of all four penthouses has been one of the most profound indicators of the tower’s remarkable appeal, with the latest transaction having taken place early in February.  In total, sales of the quartet of sprawling, amenity-rich units have reached more than $82 million.  This pre-construction feat is virtually unheard of in the surrounding market, with most penthouses selling after a building has officially opened, once again signifying the project’s unique appeal.

For more information about The Ritz-Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

The Developers of The Ritz-Carlton Residences, Sunny Isles Beach Unveil Striking Pablo Atchugarry Sculpture For Miami Art Week

Marking the culmination of one of the most exciting weeks of the year in Miami, dozens of art world influentials, local luminaries and friends joined leaders with Fortune International Group, Château Group and internationally renowned artist Pablo Atchugarry for the unveiling of “Dreaming the Future,” Atchugarry’s latest sculpture.

The stunning piece, intricately carved from Carrara marble and stretching 11.5’ in height, was commissioned by joint developers Fortune International Group and Château Group for The Ritz-Carlton Residences, Sunny Isles Beach. Revealed during an exclusive on-site ceremony during Miami Art Week, “Dreaming the Future” is now seated at the base of the tower’s entrance, serving as an enduring landmark for the both the condominium and the surrounding community.

“It is an honor and a privilege to share this masterpiece with the City of Sunny Isles Beach and, by that token, all who visit South Florida’s coastline,” said Manuel Grosskopf, CEO of Château Group. “For the last two years, we have worked hand-in-hand with Pablo Atchugarry and the City to create a spectacular work of art that is truly timeless -- one sure to be admired far and wide by generations to come.”

“The synergies between fine art and luxury real estate cannot be overstated -- with The Residences being no exception,” said Edgardo Defortuna, President and CEO of Fortune International Group. “This sculpture is another jewel in the crown of our beautiful building and a tribute to the artistry, architecture and designs that define it.”

“The inspiration behind ‘Dreaming the Future’ is the promise of a bright tomorrow…one full of possibilities. I hope it will continue to inspire all who see it -- encouraging everyone to keep dreaming and be forever guided by their values and principles,” added Atchugarry.

Gathering at the 52-story project for an elegant, late-morning commemoration, guests of the Dec. 6 event included the Mayor of Sunny Isles Beach, George “Bud” Scholl; Commissioners Dana Goldman and Alex Lama; Fortune International Group President & CEO Edgardo Defortuna and Executive Vice President Ana Cristina Defortuna; Château Group father-and-son co-founders Sergio Grosskopf and Manuel Grosskopf; G.M. of The Ritz-Carlton Residences Sunny Isles Beach, Nathalie Rader; and Sales Director Isabella Holguin.

Born in Montevideo, Uruguay, Atchugarry has been widely regarded for his sculptures, which are part of public and private collections worldwide. In addition to having had works of art be sold at auctions by Christie’s and Sotheby’s in London, New York and Paris, his sculptures are currently featured in a myriad of revered galleries across the globe. Atchugarry additionally opened his own family gallery in Miami last December where his collaboration with The Residences was first announced. “Dreaming the Future,” which measures 11-and-a-half feet by four feet by two-and-a-half feet, was crafted in both Italy and Uruguay before being transported to the South Florida high-rise.

As the first building north of Bal Harbour, The Ritz-Carlton Residences, Sunny Isles Beach boasts a prime location with 250 feet of pristine beachfront. The building’s designs have been crafted by award-winning architect Bernardo Fort-Brescia of Arquitectonica with interiors by acclaimed Florentine architect Michele Bönan. Comprising 212 residences and managed by The Ritz-Carlton, the tower will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, full-service spa, fitness center and wellness center, among other top-line amenities. Residences start at $2.6 million, with the full-floor penthouse offered at $32 million.

Further highlights in each of the homes, all of which are smart-technology-ready, will include walk-in closets, laundry rooms with full-size washers and dryers, and pre-wiring for high-speed internet access and Wi-Fi. Penthouses will feature lush garden terraces spanning 2,000 SF – 4,000 SF, private pools and summer kitchens, custom-designed Italian cabinetry, service quarters, and well-appointed master suites. The sales gallery is located at 15800 Collins Avenue in Sunny Isles Beach.

For more information about The Ritz-Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

Third Penthouse Goes Under Contract At The Ritz-Carlton Residences, Sunny Isles Beach For $19.75 Million

The third penthouse at The Ritz-Carlton Residences, Sunny Isles Beach, which is slated to be completed at the end of this summer/beginning of fall, is now under contract for $19,750,000. The price equates to nearly $2,600 SF at the unfinished residence (PH49/#4903), which is one of four penthouse units in the 52-story building being developed by Fortune International Group and Chateau Group. The penthouse is the third to go under contract since sales launched in January 2015, totaling more than $56 million of penthouse sales. At nearly 7,700 SF, PH49 features five bedrooms and seven and a half baths, as well as a garden terrace with a private pool and summer kitchen.

Luxury sales have been strong in Sunny Isles Beach through the start of 2019 including the $18.5 million sale of a penthouse at Jade Signature which closed Jan. 25 for $2,015 per square foot. The buyers of both the Ritz Carlton Residences, Sunny Isles Beach and Jade Signature penthouse transactions are undisclosed.

The Ritz-Carlton Residences, Sunny Isles Beach Officially Tops Off Targeting Delivery In 2019

The Developers of The Ritz-Carlton Residences, Sunny Isles Beach have celebrated another major milestone as the tower has officially toped off at 52-stories and is slated to be delivered to residents in 2019. The ultra-high-end condominium, which is comprised of 212 residences, broke ground in June of 2016. Joint developers Fortune International Group and Château Group toasted to the milestone at the top of the tower, along with general contractor, Suffolk Construction. Located on 250’ of pristine beachfront with no hotel on the premises, The Residences and its resort-like, five-star amenities and services will be managed by The Ritz-Carlton, which has been a draw for high-end buyers in the U.S. and around the world.

“Luxury buyers from across the globe have been specifically seeking this project out as their preferred alternative in Miami,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Not only do they recognize the sheer significance of the name of the tower and the weight that it carries, but they see the location, architecture and level of services as the best in the marketplace.”

“What we have created here is a transformative addition to the coastline,” said Manuel Grosskopf, CEO of Château Group. “This project is one of the few standalone residences for The Ritz-Carlton brand in the world. It is therefore an honor to unveil this jewel to high-end buyers in Sunny Isles Beach.”

The signature curvilinear silhouette of The Ritz-Carlton Residences, Sunny Isles Beach was designed by Arquitectonica and the airy and sunlit interiors were designed by acclaimed Florentine architect Michele Bönan to complement the exterior, blending the spirit of modern day Miami with its rich architectural past.

The tower will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. All residences are delivered smart home technology-ready and will include walk-in closets, laundry rooms with full-size washers and dryers, and pre-wiring for high-speed internet access and Wi-Fi. Penthouses will feature lush garden terraces spanning 2,000 SF – 4,000 SF, private pools and summer kitchens, custom-designed Italian cabinetry, service quarters, and well-appointed master suites. Residences start at $2.6 million, with penthouses offered upwards of $25 million. Sales are being overseen by Fortune International Realty.

For more information about The Ritz-Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

Watch The Full Panel From PROFILEmiami's "State Of The Sunny Isles Real Estate Market Event"

Local leaders, luminaries and real estate professionals converged at The Ritz-Carlton Residences, Sunny Isles Beach sales gallery on May 2, 2018 for an in-depth discussion about the state of the Sunny Isles Beach real estate market. Fortune International Group and Château Group, developers of The Residences, hosted the panel in tandem with real estate news outlet PROFILEmiami, spotlighting important insights about the City and its continued growth. Attendees of the breakfast event were locked in discussion about the strong retail and development growth that has taken hold in Sunny Isles Beach, including an analysis of some of the major factors that have contributed to the area’s recent construction boom.    

Panelists:

• Edgardo Defortuna, President and CEO of Fortune International Group
• Dana Goldman - City of Sunny Isles Beach Vice Mayor  
• Jorge L. Guerra Jr., President of the Miami Association of Realtors
• Boris Kozolchyk, Colliers International Executive Vice President
• Moderated By: Demetri Demascus, Founder PROFILEmiami 

Watch the video above or: https://youtu.be/fzwuJXa1h_4

Watch the Coffee Hour: https://youtu.be/pIrPpWrSUu8

Check out the full gallery and get the inside scoop from PROFILEmiami Present's "The State of The Sunny Isles Real Estate Market Panel"

Inside The State Of The Sunny Isles Real Estate Market Panel Event Co-Hosted By PROFILEmiami & The Developers of The Ritz-Carlton Residences, Sunny Isles Beach

Local leaders, luminaries and real estate professionals recently converged at The Ritz-Carlton Residences, Sunny Isles Beach sales gallery for an in-depth discussion about the state of the Sunny Isles Beach real estate market. Fortune International Group and Château Group, developers of The Residences, hosted the panel in tandem with real estate news outlet PROFILEmiami, spotlighting important insights about the City and its continued growth.   

Demetri Demascus, editor of PROFILEmiami, moderated the May 2 symposium, which included participation by Edgardo Defortuna, President and CEO of Fortune International Group; City of Sunny Isles Beach Vice Mayor Dana Goldman; Jorge L. Guerra Jr., President of the Miami Association of Realtors; and Boris Kozolchyk, Colliers International Executive Vice President and a local expert on growth and retail in Sunny Isles Beach.  

“The events we host in our sales gallery give us the opportunity to be a resource for real estate professionals and homebuyers alike, offering important information about the local market as well as trends in development,” said Edgardo Defortuna. 

“Having a deeper understanding of what is contributing to South Florida’s exponential growth – and the Sunny Isles market, specifically – is key for brokers and their buyers and important for the market as a whole,” said Manuel Grosskopf, CEO of Château Group.

Attendees of the breakfast event were locked in discussion about the strong retail and development growth that has taken hold in Sunny Isles Beach, including an analysis of some of the major factors that have contributed to the area’s recent construction boom.  

“I am delighted that I was able to participate in this special panel, which generated important feedback about the evolution of Sunny Isles Beach and what’s on the horizon for this vibrant market,” added Vice Mayor Dana Goldman. “The event was filled with important input, and the team behind The Ritz-Carlton Residences, Sunny Isles Beach created an unparalleled, elegant experience for myself as well as their guests.”

Designed by Arquitectonica with interiors by Florentine architect Michele Bönan, The Residences -- comprised of 212 luxurious oceanfront condos -- will have a private club level on the 33rd floor, as well as a beach restaurant, pool deck, fitness center, kids club and spa, among other top-tier amenities and services. Residences start at $2.6 million with penthouses offered upwards of $25 million. For additional information, call 305.503.5811 or visit www.theresidencessunnyislesbeach.com. 

More photos can be found @ World Red Eye

The Ritz-Carlton Residences, Sunny Isles Beach Passes Halfway Point With Expected Completion 2019

Construction of The Ritz-Carlton Residences, Sunny Isles Beach is flying right along as construction teams have passed the halfway point, 28th floor of 52 stories. The ultra-high-end oceanfront tower is on-schedule for next year’s projected delivery date (2019). Co-developers Fortune International Group and Château Group have reported a recent string of sales of  seven units totaling $24 million going under contract over the course of a 45-day period, an average of roughly one sale per week. 

"This is a celebratory moment for our team,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We are just steps closer toward delivering this spectacular offering to our buyers worldwide who are excited to call these stunning oceanfront residences their home.”
 
“We expect that this tower will elevate the standard for luxury real estate,” said Manuel Grosskopf, CEO of Château Group. “We have utilized the most innovative technology and craftsman-style techniques to create a product that is truly distinct – one that will ultimately be an icon on the coastline.”

The Ritz-Carlton Residences, Sunny Isles Beach will rise 52-stories and feature 212 residential condo units. The tower, with its signature curvilinear silhouette, is designed by Arquitectonica, while interiors, inspired by South Beach’s 1960s heyday, have been crafted by acclaimed Florentine architect Michele Bönan. Residences range from $2.6 million to $5.2 million, with penthouses offered upwards of $25 million. Amenities include a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Construction has completed their foundation pour and has begun vertical rise. The building is slated for delivery in 2019. 

Check out the drone video below:

The Ritz-Carlton Residences, Sunny Isles Beach Releases Exclusive Drone Footage Showcasing Sleek Arquitectonica Design

The Ritz-Carlton Residences, Sunny Isles Beach has released exclusive drone footage showcasing the progress of the tower's construction and highlighting its unique Arquitectonica-designed shape. The luxury condo-tower, which is under development by Fortune International Group and Chateau Group and was designed by Arquitectonica with interiors by Michele Bönan. The Ritz-Carlton Residences, Sunny Isles Beach will rise 52-stories and feature 212 residential condo units. Units start at $2.5 million and include Caesarstone Quartz countertops and Gaggenau appliances. Amenities include a beachfront restaurant, concierge, personal chef service, fuel-delivery service and a private club on the 33rd floor for residents. Completion is expected in 2018. Check-out the these renderings of the project and these sneak preview video tours.

The Ritz-Carlton Residences, Sunny Isles Beach Secures Registration in New York to Market to NYC Buyers

The Ritz-Carlton Residences, Sunny Isles Beach, has secured registration in New York to market directly to high-net-worth homebuyers in New York. Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences, Sunny Isles Beach, have taken the steps to register the project in the Empire City for the final stretch of their sales efforts after releasing new renderings and fly-through preview videos of some of the layouts. The private condominium tower, which will have no hotel on the premises, completed its concrete foundation pour in April and is slated for occupancy in 2019.

“The Ritz-Carlton Residences, Sunny Isles Beach have been designed with New Yorkers in mind, offering features and finishes found only within the most expensive residential properties in Manhattan,” said Edgardo Defortuna, CEO of Fortune International Group. “From the spa and fitness facilities to the latest technologies, the synergies here are overwhelmingly evident.”

“We are now able to bring this project directly to New Yorkers, giving us the opportunity to highlight our residences with an added level of seamlessness and immediacy,” said Manuel Grosskopf, CEO of Château Group.  “We know these buyers highly value The Ritz-Carlton name and would like to capitalize on the chance to own such well-sited dwellings -- not only because of their size, appointments and amenities, but direct access to the beach.”

The Ritz Carlton Residences, Sunny Isles Beach will rise 52-stories and feature 212 residential condo units. The tower, with its signature curvilinear silhouette, is designed by Arquitectonica, while interiors, inspired by South Beach’s 1960s heyday, have been crafted by acclaimed Florentine architect Michele Bönan. Residences range from $2.6 million to $5.2 million, with penthouses offered upwards of $25 million. Amenities include a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Construction has completed their foundation pour and has begun vertical rise. The building is slated for delivery in 2019.