Edgardo Defortuna’s Fortune International Group paid $37.5 million for a Coral Gables redevelopment site where the firm is planning a $150 million branded condominium with 251 units.
An affiliate of Miami-based Fortune acquired Gables Waterway, a 4.8-acre multifamily and office complex at 6100 Caballero Boulevard, records and real estate database Vizzda show. The buyer obtained a $19.1 million mortgage from City National Bank of Florida.
Built between 1952 and 1964, the site consists of four two-story buildings spanning 80,466 square feet that front a canal called Coral Gables Waterway on both sides.
Fortune plans to replace the existing buildings with two mid-rise buildings of nine stories and 13 stories, designed by Portuondo Perotti Architects and Arquitectonica, both based in Miami. The project would also include 1,500 square feet of retail space and a park, according to a site plan. Fortune is negotiating with an unnamed brand on the project.
The seller, an entity managed by Eduardo Mendez in Coral Gables, paid $20 million for Gables Waterway in 2014, records show.
Fortune has a handful of branded condominium projects in the pipeline. Recently, the firm and Shahab Karmely’s KAR Properties teamed up with Alan Faena to develop Faena Residences, a planned two-tower project with 440 condos along the Miami River in the city’s Brickell neighborhood.
In Sunny Isles Beach, Fortune and Hallandale Beach-based Château Group are planning a St. Regis-branded project consisting of two oceanfront condo towers with up to 361 units. The 1-acre site is at 18801 Collins Avenue.In July of last year, Fortune acquired a 1-acre site at 1210 Brickell Avenue in Miami in a deal valued at $70 million. The firm is planning to build Ora by Casa Tua, a 77-story mixed-use tower with 533 condos. Amerant Bank provided a $36 million pre-development loan for the project, which would be the first residential tower under the Casa Tua brand.
