MIAMI BEACH-Developers of the $350-million Ritz-Carlton Club and Residences, South Beach have decided to build an additional 55-unit, eight-story tower as part of the project. With the additional tower, the project will have four towers with 141 private residences and 45 fractional residences.

Unlike the three previously announced towers, which will be developed oceanside on Collins Avenue, the fourth tower will be developed on the west side of Collins Avenue and 29th Street. One of the three oceanside towers will be a renovation of the Seville Beach Hotel, the other two will be new construction. The project developers are locally based Lionstone Development and Fortune International. The project is expected to break ground by the end of 2007 with completion of all four towers anticipated in early 2010.

Fortune International president Edgardo Defortuna tells GlobeSt.com that the fourth tower will be constructed on a lot that was originally planned for a parking lot. There are two small structures of the site, one of which will be demolished and another that will be incorporated into the project.

The new tower, designed by Miami-based architect Luis Revuelta of Revuelta Vega Leon, will feature 36 one-bedroom units, 17 two-bedroom units and two three-bedroom units ranging in size from 900 sf to more than 2,400 sf. Prices for the new units will begin in the $700,000s. Marketing efforts for the fourth tower will begin in about a week, Defortuna says.

Developers say the decision to expand the project was based on the strong sales of the 86 private residences in the three towers. In addition to the private residences, the project will feature 45 fractional residences, all located in the renovated Seville Beach Hotel building.

“We’ve sold over 75% of the units in the first three towers and demand continues to be strong especially for the smaller units, the one-bedrooms or the small two-bedrooms,” Defortuna says.

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