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The Real Deal
The 68-year-old developer and broker, who grew up in Argentina, holds the concept in high esteem, especially after his father was kidnapped for ransom in 1978, during a politically unstable time before Defortuna emigrated. Defortuna’s voice softens more than usual when recounting the ordeal.“It wasn’t a fun time, that’s for sure,” he said. “To come here and be able to be totally free and be able to work, to not have to worry about coming home [safely]. It was really a major, major difference and a game-changer for me.”
The Real Deal
Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Fortune and Oak Capital are developing the two-building, 205-unit condo project between the Atlantic Ocean and the Intracoastal Waterway. The 4.6-acre site is at 1380 South Ocean Boulevard. Bank OZK provided the financing, according to a release. Construction started this year, and completion is expected in 2026, the release says.
The development will be built on the site of the existing Mandarin Oriental hotel at 500 Brickell Key Avenue and the adjacent property. Plans call for an 800-plus-foot building with 220 condo units, and a 400-foot hotel with 121 rooms, 66 condos and 28 hotel residences.
The Real Deal
Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Fortune and Oak Capital are developing the two-building, 205-unit condo project between the Atlantic Ocean and the Intracoastal Waterway. The 4.6-acre site is at 1380 South Ocean Boulevard. Bank OZK provided the financing, according to a release. Construction started this year, and completion is expected in 2026, the release says.
Ritz-Carlton Residences will consist of the 32-story, 117-unit Beach Tower along the ocean, and the 14-story, 88-unit Marina Tower along the Intracoastal Waterway. More than 35,000 square feet of amenities will include a residents marina and restaurants.
Florida Trend
Under development by Fortune International Group and Chateau Group, the project will rise just 5.4 miles from the Surfside site where Champlain Towers collapsed.
With prices starting at $5.1 million, the St. Regis is situated on 4.7 acres, with 435 linear feet of ocean frontage — a prime location in a market where buildable land is scarce. It will be constructed on land previously occupied by La Playa de Varadero, a condominium built in 1954. The developers were able to acquire the site in 2014 by reaching agreements with the owners of all 347 units to buy them out at a total cost of $112.5 million. They then terminated the condominium and demolished the building. "When a buyer says they will pay you one and a half or two times what your unit is worth because they want to knock it down and build a newer building, it's in many cases very appealing," says Edgardo Defortuna, president and chief executive officer of Fortune International Group in Miami. Of course, not all owners want to move. Many residents...
