Several recent reports have suggested that the condo market in Miami-Dade has slowed considerably in recent months, but that hasn’t stopped two local developers from trying to take it by the horns. La Playa Beach Associates, a joint venture between Fortune International Group and Chateau Group, gained city approval for their plans for a mixed-use project in Sunny Isles Beach back in November. Now, according to a recent article from the South Florida Business Journal, the duo has significantly altered the design to focus mainly on condominiums.
The original plans included two towers with a combined 431 condos, 60 hotel rooms and 90 apartments. The city commission will review the proposed changes for the site, located at 18801 Collins Ave, on April 21. The new project, tentatively named Varadero, includes plans for 490 condos, 12 cabana suites that can be purchased by condo owners, 7,181 square feet of restaurants, 7,780 square feet of offices and 1,850 square feet of retail. If approved, the project will total 1.23 million square feet in two 56-story towers on the 4.7-acre site.
In addition to the change in plans, the developers are requesting an extension from the city on payment of $38.3 million for transfer of development rights for the Varadero project. La Playa Beach Associates is also responsible for the Ritz-Carlton Residences project in Sunny Isles Beach, and it is expected the team will look for premium branding for this condo development too.
For more information about real estate developments in and around Miami, contact Oceanica Real Estate at (786) 270-1743 or [email protected].