SUNNY ISLES BEACH, FL-Sunny Isles Beach Associates, a subsidiaryof Fortune Realty, has purchased a 2.2-acre oceanfront site at16901 Collins Ave. in Sunny Isles Beach for $22 million. BocaRaton-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 FMLoans and later the loan was sold to Carlos Mattos' Sunny IslesProperty Holdings. Sunny Isles Beach Associates bought the sitefrom Mattos' company. For the full story, go to South Florida Business Journal .
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