Developers team up to buy out hotel and condo complex for nearly $113M
Chateau Group and Fortune International Group spent nearly $113 million to buy out a hotel and condominium complex in Sunny Isles Beach with plans to reposition the site as a luxury condo. A joint venture between the developers, who are already building a condo project at 15701 Collins Avenue in Sunny Isles, acquired four buildings on about five acres at 18801 Collins Avenue. The venture struck a deal with the owners of 347 units in La Playa de Varadero, which was constructed in 1965. The transaction has not been recorded by Miami-Dade County. Plans for the beachfront site have not been disclosed, according to the South Florida Business Journal. “By joining with Fortune International, we are confident that together we will produce quality developments that will enhance the area’s already growing appeal,” Chateau leader Manuel Grosskopf said.
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