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October 12, 2016 / Johanna Bassols / 0 Comments / New Developments

Financing Secured for Completion of Ritz-Carlton Residences, Sunny Isles Beach

The developers of the new Ritz-Carlton Residences in Sunny Isles Beach recently secured a $212,110,000 construction loan to continue work on the project. According to an article from the World Property Journal, the financing has been provided by Ban of the Ozarks. The development, located at 15701 Collins Avenue, broke ground in June and has a completion date in late 2018.

“We look forward to the project’s continued progress and success in Sunny Isles Beach,” said Edgardo Defortuna, CEO of Fortune International Group, one of the project’s developers. “Sophisticated buyers from South Florida, the Northeast and around the world continue to recognize The Residences’ distinction in the market.”

The 52-story development will include 212 units ranging in size between 2-4 bedrooms and from 1,605 square feet to 3,640 square feet. Arquitectonica is the designer of the building with interiors created by well-known Italian designer Michele Bönan. The Resi”dences is located on 250 linear feet of beachfront surrounded by 2.2 acres of lush landscaping. In 2015, the project set a record for Sunny Isles Beach after a 7,735 square foot, full-floor penthouse sold for $21 million. In May of this year, a top-floor penthouse sold for $16.5 million, leaving just two of the five penthouses unspoken for.

“Naturally, our buyers love the stunning beachfront views,” said Manuel Grosskopf, CEO of Chateâu Group, the other developer responsible for the project. “They look forward to experiencing the legendary service, quality and personal touch in South Florida’s only oceanfront Ritz-Carlton branded residential project.”

Amenities at The Ritz-Carlton Residences will include a beachfront restaurant and pool deck, state-of-the-art wellness center, concierge to arrange everything from housekeeping to golf tee time reservations, and a private club level on the 33rd floor. Here, guest suites, a theater room, indoor/outdoor dining, library, and entertainment areas will be available. When completed, The Ritz-Carlton will manage the property, providing residents with its “legendary service, quality and personal touch.” Prices start at $2.5 million.

For more information about available properties in the Miami area, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.

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