Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-A newly formed partnership of Argentina’s Fortune International Development Co. and Hong Kong’s Swire Properties is co-developing the long-planned $180 million Jade Residences.

Formerly called Bayshore Palms, the project is planned on a tight 2.57-acre pad in Miami’s Brickell financial district. Site work has begun with ground-breaking expected by fall and completion by first quarter 2005.

Condominiums and loft homes at the planned 48-story, 326-unit waterfront community at the northeast corner of Brickell Bay Drive and Southeast 14th Street will be priced from $400,000 to $5 million, according to the project’s Web site.

Pre-construction sales, spearheaded by Fortune chairman Edgardo Defortuna, total $120 million since November 2001, according to a prepared statement from the Miami office of Holliday Fenoglio Fowler.

Fortune purchased the site in March for an undisclosed sum from an unidentified seller, according to the Holliday statement. Holliday and Sonnenblick-Goldman Co. structured the joint venture between Swire and Fortune but a construction lender hasn’t been disclosed.

“It’s getting close though,” Manuel de Zarraga, senior managing director in Holliday’s Miami office, tells GlobeSt.com. De Zarraga and associate Ike Ojala originated and structured the joint venture for Fortune.

Swire Properties is a wholly owned subsidiary of Hong Kong-based Swire Pacific Ltd. According to previously prepared statements from the company, Swire has invested $800 million over the last 20 years in the development of 11 buildings comprising 1,300 condo units, 350,000 sf of office and retail, and 329 hotel rooms in the Brickell Avenue corridor, just off Downtown Miami.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.