Fortune International Group and Château Group break ground on 52-storey project in Sunny Isles Beach

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Chateau Group and Fortune International have broken ground on the 52-storey Ritz Carlton Residences tower in Sunny Isles Beach.

The Collins Ave. project will be built by Suffolk Construction and is expected to be completed in 2018, South Florida Business Journal reports.

City commissioners has approved the original site plan for the development, which then included 431 condo units, 60 hotel rooms and 90 apartment-hotel units.

“Fortune International Group and Château Group have long been recognized as two of South Florida’s most established and highly regarded real estate leaders,” Sunny Isles Beach Mayor George Scholl said in a statement. “It is with great confidence that we celebrate their contributions to Sunny Isles Beach with this remarkable, forthcoming development.”

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Fortune and Chateau paid $113 million for the 4.7-acre site in November 2014. At the time, it was occupied by the La Playa de Varadero condo-hotel, whose residences the two developers bought out individually.

Ritz-Carlton Residences, Sunny Isles Beach has already broken citywide sales records, including the $21 million sale of a 7,735 sq. ft., full-floor penthouse combining two units on the project’s 51st floor. In May, the condo’s top-floor penthouse sold for $16.5 million.

Representatives of Ritz-Carlton Residences, Sunny Isles Beach say 65 percent of its units are under contract, including three of its five penthouses.

Arquitectonica has designed the oceanfront residential tower.

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