SUNNY ISLES BEACH, FL - South Florida’s most elegant address continues its reign as one of the most successful projects to enter the prime property market.
Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences, Sunny Isles Beach, announced that they have paid off a $212 million construction loan on the newly opened 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 percent 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. Adding to the magnitude of these accomplishments, all have taken place in just over 30 days. It’s a testament to the unmistakable draw of the high-rise, its unique management services and international prestige.
“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.”
As one of the most unique offerings on the market -- attributed to its legendary hotel-level butler services, pristine beachfront location, and airy, light-filled contemporary designs -- sales at The Residences have been flourishing since the project was first announced in 2016.
“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, boast 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. Remaining residences start at $2.6 million. Further highlights in 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.
The tower is located at 15701 Collins Avenue, Sunny Isles Beach, Fla. 33160. The address of the sales gallery is 15800 Collins Avenue, Sunny Isles Beach.