Fortune International Group Secures Development Site and Financing for Ora by Casa Tua Tower
July 12, 2024
Edgardo Defortuna’s Fortune International Group has finalized the acquisition of the development site for its upcoming Ora by Casa Tua mixed-use condo tower and secured financing for the ambitious project. The site, located at 1210 Brickell Avenue in Miami, was acquired for approximately $70 million. Fortune, already holding the air rights, purchased the land portion, which includes an existing garage, for about $30 million, as confirmed by Defortuna.
According to property records, Patagonian Investment Internacional LLC sold the 1-acre property, which Fortune had under contract for several years.
Ora by Casa Tua represents the inaugural residential tower under the Casa Tua hospitality brand, owned by Micky and Leticia Grendene. The planned 77-story building will feature 533 units, ranging from studios to four-bedroom condos.
American Bank provided a $36 million pre-development loan for the project, facilitated by Berkadia’s Scott Wadler and Michael Basinski, who organized what Wadler described as having “the most attractive interest rate for a pre-development loan” in recent years. However, he did not disclose specific terms.
Defortuna mentioned that approximately 45 percent of the short-term rental-friendly condo project units have been presold, with sales launching last year at unit prices starting from $800,000. Fortune’s next step is to convert reservations into contracts. Demolition of the existing garage is slated to commence by the end of this year or the first quarter of 2025, paving the way for groundbreaking on the new building.
Highlighting the appeal to foreign investors, Defortuna noted that about 65 percent of buyers are international, attracted by the investment potential of short-term rental-friendly condos. These units, typically smaller and more affordable than traditional condos, allow owners to generate income by renting them out for most of the year, leveraging Miami’s popularity as a tourist destination.
The trend towards short-term rental-friendly developments has seen significant traction among South Florida developers. Over two dozen similar projects are currently in various stages of development, primarily in Greater Downtown Miami.
At Ora by Casa Tua, all units, designed by Italian interior design firm m2 Atelier, will be delivered fully furnished. The tower, designed by Arquitectonica, will boast four restaurant concepts by Casa Tua, a gourmet market, and a 40-foot-tall sky park featuring amenities such as walking paths, a meditation and sculpture garden, and a recreation lawn.
