SUNNY ISLES, FL-A planned oceanfront condominium project planned by Fortune International Realty and Chateau Group has grown larger thanks to the $40-million purchase of an adjoining property that used to be home to the Ocean Palms hotel here.
Chateau Investment Vehicle, managed by Manuel Grosskopf of Argentinia-based the Chateau Group, sold the 38,725-square-foot site at 15795 Collins Ave. for $40 million to Sunny Isles OP Venture, which is managed by both Grosskopf and Fortune International head Edgardo Defortuna, according to the South Florida Business Journal. In November, the partners acquired via foreclosure auction a 1.5-acre property next door for $41 million.
Director of Acquisitions for Fortune International Brian Broduer says the development partners would combine the two sites and build a single condominium tower. The Ocean Palms hotel has already been demolished to make way for new development. See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
