Miami is still on a roll when it comes to uber-lux real estate sales, despite a global slowdown in the ultra-high end property market due to slowing Asian, Middle Eastern and Latin American economies, coupled with the strengthening of the U.S. dollar against many foreign currencies.
This week the Ritz-Carlton Residences in Sunny Isles Beach – which is being developed by Fortune International Group and Château Group – has sold its first penthouse for $21 million, setting a record for Sunny Isles, Florida.
The unit is a full-floor penthouse on the 51st floor and combines two units that were sold together. The entire penthouse now totals 7,735 square feet, setting the price per square foot at $2,715. The unit features 5 bedrooms, 6.5 bathrooms, 14-foot ceilings, and a 3,560-square-foot outdoor terrace that includes a summer kitchen, a private garden and infinity pool.
Designed by renowned architectural firm Arquitectonica and featuring interiors by acclaimed Italian designer Michele Bönan, the 52-story tower will be comprised of 212 residences located on 250 feet of pristine beachfront in the heart of Sunny Isles Beach. The project marks Mr. Bönan’s largest residential design project to date in the United States.
“Since our launch earlier this year, sales have been strong and the project has been very well received,” said Edgardo Defortuna, CEO of Fortune International Group. “This significant penthouse sale reinforces the appreciation the sophisticated buyer has for the product, as well as The Ritz-Carlton brand.”
The Residences will offer a suite of amenities and services unparalleled in Miami, including a beachfront restaurant and pool, Kids Club, butler and housekeeping services, entertainment reservations, a personal chef and at-home fuel delivery service for residents’ cars, and a private club level on the 33rd floor featuring guest suites, a media room, indoor/outdoor dining and entertainment areas.
In addition to the penthouses, the tower will consist of units between 2-4 bedrooms ranging in size from 1,605 square feet to 3,640 square feet. Construction is set to begin in 2016. Upon completion in 2018, The Ritz-Carlton Hotel Co. will manage the property, providing residents with the legendary service, quality and personal touch synonymous with the brand.
“There are only a few, new high-rise building opportunities that have such an expansive beachfront with stunning views and a resort-style atmosphere,” said Manuel Grosskopf, CEO of Château Group. “Sunny Isles Beach has become a very coveted destination and continues to attract buyers from all over.”
Sunny Isles Beach, a 1.25-square-mile city located on a barrier island bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west, features world class retail, hotels and restaurants along a mile-long strip of beautiful white sand off Collins Avenue. Located just minutes from Bal Harbour Shops to the south and the Aventura Mall to the northwest, Sunny Isles Beach is a short drive to both the Miami International Airport and Ft. Lauderdale-Hollywood International Airport.
“There are only a few, new high-rise building opportunities that have such an expansive beachfront with stunning views and a resort-style atmosphere,” said Manuel Grosskopf of Chateau Group. “Sunny Isles Beach has become a very coveted destination and continues to attract buyers from all over.”