MIAMI-Locally based Fortune International has begun work on an office condominium project at 1200 Brickell. Rising at the corner of Brickell Avenue and Coral Way, approximately 50% of the units have been sold.

The 20-story building will have units ranging in size from 1,400 to 38,000 sf with prices starting from the $700,000s. The project will have between 40 to 50 suites, which can be broken down into smaller spaces. The building has views of the Brickell skyline and Biscayne Bay and has is in close proximity to Interstate 95, the Metrorail, the People Mover and the Brickell Business District Shuttle. A seven-level, 570-space parking garage is part of the project with reserved spaces for buyers. The project is expected to be completed by the end of the year, Fortune International founder and president Edgardo Defortuna tells GlobeSt.com.

Among buyers have been law firms, media companies, financial institutions, an asset management group and an insurance company. Buyers typically fall into one of two categories, a buyer-occupant looking to purchase its own office space or a buyer-investor that evaluates the merits of the acquisition based on the lease in place and plans to hold the space as a long-term investment. “The presence of high-quality tenants in the retail/lobby level, such as Morton’s Steakhouse and Colonial Bank is very attractive to owners, tenants and visitors,” Defortuna says.

Fortune International also developed an office condominium project at 1110 Brickell, which has been completed and sold out. All the units in that project have been sold.

“Unlike Latin America and Europe, where the concept of office ownership is well established, the industry in the US is in its infancy, but is rapidly growing,” Defortuna says. “When we started 1110 Brickell, only Latin American companies and investors appeared interested. Now, we have buyers from top-of-line US businesses as well.”

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.