SUNNY ISLES BEACH, FL-Sunny Isles Beach Associates, a subsidiary of Fortune Realty, has purchased a 2.2-acre oceanfront site at 16901 Collins Ave. in Sunny Isles Beach for $22 million. Boca Raton-based Royal Palm Homes planned to develop a 47-story, 232-unit condo tower called Paramount Beach on the site.
But, a foreclosure suit was filed against Royal Palm by iStar FM Loans and later the loan was sold to Carlos Mattos' Sunny Isles Property Holdings. Sunny Isles Beach Associates bought the site from Mattos' company. For the full story, go to South Florida Business Journal .
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