Ricardo Dunin, Edgardo Defortuna and renderings of the Ritz-Carlton Residences Pompano Beach (Getty, DBOX)
Fortune International Group and Oak Capital, the company headed by former Lionheart Capital director Ricardo Dunin, have launched sales of the Ritz-Carlton Residences, Pompano Beach, The real deal has learned.
The development of two towers and 205 luxury waterfront condo units at 1380 South Ocean Boulevard joins other ongoing projects in the Broward County town north of Fort Lauderdale. Since the start of the pandemic, the Related Group has launched and sold Solemar, an oceanfront condo under construction in Pompano Beach.
South Florida luxury condo developers launched and sold a number of projects this year due to increased demand.
Rendering of the Ritz-Carlton Pompano Beach Residences (Photos via DBOX)
If market conditions hold, developers of the Ritz-branded project could begin by the end of next year, said Defortuna, president and CEO of Fortune. His company, Fortune International Sales, will handle the sales.
Fortune bought Lionheart Capital’s vetted sites last year for $27.5 million when Lionheart executives officially parted ways and Dunin, who started his own company, ended up with some of Lionheart’s properties. . This brand is Dunin’s first new project since leaving Lionheart.
The two buildings will be built simultaneously and will include a 32-story oceanfront tower with 117 condos and a 14-story, 88-unit building overlooking a marina. The project will also include more than 35,000 square feet of amenities, including a marina yacht club and oceanfront beach club, sports courts, pool decks and restaurants.
Prices start at $1 million in the marina building and around $3.5 million in the oceanfront building, Defortuna said. He confirmed that it would be the most expensive development in the city.
Rendering of the Ritz-Carlton Pompano Beach Residences (Photos via DBOX)
“We are taking Pompano to a different level in terms of quality and management,” Defortuna said, adding that limited land availability has pushed developers north. Solemar will likely mark the first new project to be completed in Pompano since the delivery of Sabbia Beach in 2018.
Defortuna and Dunin have previously worked with the Ritz-Carlton. Lionheart developed the Ritz-Carlton Residences, Miami Beach, and Fortune built the Ritz-Carlton Residences, Sunny Isles Beach with the Chateau Group.
The 4.6 acre Pompano property is separated by South Ocean Boulevard. The Beach Tower, with 250 feet of ocean frontage, will have larger units ranging from one to five bedrooms and between 1,309 square feet and over 6,824 square feet, as well as two penthouses. The marina tower, also with 250 feet of waterfront, will include one- to four-bedroom units, ranging from 917 square feet to 3,947 square feet, and four penthouses, according to a statement.
Piero Lissoni and Revuelta Architecture International are designing the project, which could be completed by 2025.
The sales center should be finished at the end of January.
Defortuna said developers will be in the market for a construction loan when they reach enough pre-sales. They require 35% deposits and mostly expect domestic buyers, although Defortuna said he is again seeing more interest from Latin Americans, particularly Mexico and Brazil.
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