JV Plans $100M Condo Project for Thunder Alley

AVENTURA, FL-Artech, a 234-unit condominium, is planned for a seven-acre parcel at 3020 Northeast 188th St. here in historic Thunder Alley, once home to power boat builders. The parcel includes 900 feet fronting the Intracoastal Waterway. Construction cost is estimated at about $100 million.

The developer is a joint venture between Miami-based Fortune International, headed by Edgardo Defortuna, and Aventura-based Shefaor Development, headed by Claudio Stivelman and Gilbert Benhamou. Fortune has previously handled sale for properties of the two Shefaor principals, including Grand Venetian and Uptown Marina Lofts here, but this is their first effort as development partners. Groundbreaking is scheduled for late 2005.

While the boomerang-shape building is nine stories tall, it contains five floors because some units span two and three levels. In addition to one-bedroom, one-bath single-level units, there are two-level, two-bedroom, plus den units; two-bedroom, three-bath, plus den units with private gardens along the waterfront; and three-level penthouses. Prices begin in the $400,000s and penthouses begin at $1.2 million.

Carlos Ott of Montevideo, Uruguay-based Zonamarica, who has offices in Weston, is the architect. The building’s shape curves along the waterfront to provide views of the bay and barrier islands. It has a semi-detached, three-story lobby and triangular, infinity-edge pool along with a fitness center, tennis courts, yoga terrace and business center. The property includes a marina and is within steps of a five-star resort and private beach club. Fortune, which has offices in Latin America as well as throughout South Florida, is handling condo sales.