St. Regis Sunny Isles Secures Additional $114M Financing

Château Group and Fortune International Group have secured an additional $113.8 million in construction financing for their St. Regis Residences project in Sunny Isles Beach, bringing total construction financing to $532.1 million.

City National Bank of Florida provided the latest loan to support the planned 150-unit north tower at 18801 Collins Avenue. This financing follows a $200 million loan from Bank OZK in December, which has now provided $418.3 million in total financing for the St. Regis project since 2020.

The ambitious development calls for two 62-story towers on a 4.7-acre beachfront site. The 170-unit south tower launched sales in 2022 and is nearly sold out, with construction completion scheduled for 2028. Construction of the north tower will begin later this year, according to project announcements.

Developers Manuel Grosskopf's Château Group and Edgardo Defortuna's Fortune International Group have projected a total sellout exceeding $3 billion for the entire project. Remaining units carry pricing starting at $5 million.

The towers will feature 70,000 square feet of amenities, including two restaurants, spa facilities, a fitness center, pools, a pet spa, padel court, guest suites and a private dining room. Arquitectonica serves as the design architect, while Coastal Construction handles general contracting duties.

This project represents a long-term investment for both development firms. Fortune and Château acquired the 4.7-acre development site with 435 feet of beachfront in 2014 for nearly $113 million, and the project has been in development for more than a decade.

The St. Regis financing compares to other major South Florida luxury projects currently under development. Gil Dezer's Dezer Development secured a $630 million construction loan in November for the planned Bentley Residences, a 61-story, 216-unit oceanfront project that launched sales in 2022 and is more than 50 percent presold.

Sunny Isles Beach continues to attract significant luxury residential development, with multiple high-rise projects competing for affluent buyers seeking premium oceanfront living. The St. Regis brand brings international hospitality credentials to the local luxury market, potentially drawing both domestic and international purchasers to the South Florida coastline.