Fortune International Pays $31M for Casa Tua Condo Tower Dev Site in Brickell
By Julia Echikson July 10, 2024 1:16 pm
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Edgardo Defortuna’s Fortune International Group acquired a pair of properties in Miami’s Brickell district for $31.2 million, where the developer will erect the 533-unit Casa Tua-branded luxury condo tower.
In the largest deal, Miami-based Fortune International paid $30 million for the seven-story building at 1210 Brickell Avenue. The 248,533-square-foot building, completed in 1982, sits on an acre at the corner with Southeast 13th Street. In the second transaction, the developer acquired the 8,798-square-foot lot that surrounds the neighboring building at 1200 Brickell Avenue for $1.2 million.
Florida-based Amerant Bank provided a $36.1 million pre-development loan. Scott Wadler and Michael Basinski of Berkadia arranged the debt.
Called Ora by Casa Tua, the 77-story development will be the first branded after Casa Tua, a popular Italian food concept that was founded in Miami. Sales launched in 2023 and construction is expected to begin in 2025.
Despite Miami’s condo market cooling since the height of the pandemic, luxury projects in Brickell are still progressing and nabbing financing, thanks in part to strong pre-sales. In February, Mast Capital scored $600 million for the Cipriani-branded luxury development complex. A month later, Related Group landed $328 million for the 75-story Baccarat-branded tower.
Julia Echikson can be reached at jechikson@commercialobserver.com.
