March 22, 2007
The Ritz-Carlton Club and Residences, South Beach Expands
MIAMI BEACH, Fla. - March 29, 2007 – The Ritz-Carlton Golf Club and Residences, South Beach announced today plans to develop an additional tower of wholly-owned residences on the west side of Collins Avenue and 29th Street. This 55-residence expansion marks a rare occurrence for a residential development on Miami Beach to span from the Atlantic Ocean to Indian Creek. Three other residential towers, also part of the development, are being constructed along the ocean, including the historically preserved Seville Beach Hotel.
Citing the sales success of the 86 private Ritz-Carlton Residences located beachside on Collins Avenue, the developers expect demand to be strong for the new eight-story tower. Reservations of the new offering will launch this week.
“The design of the new tower offers a majority of smaller floor plans, which creates opportunities for a new segment of buyers such as singles and second-home owners,” said Edgardo Defortuna, president of Fortune International, co-developer of the project. “Sales for one-bedroom residences in our first phase were overwhelmingly successful, prompting us to embark on this strategy.”
The new tower, designed by Miami-based architect Luis Revuelta of Revuelta Vega Leon, will feature 36 one-bedroom, 17 two-bedroom and two three-bedroom residences along with a full-service fitness center, swimming pool, whirlpool and owners’ lounge. Additionally, owners will have access to the development’s full-service spa, swimming pools, a fine dining restaurant and beachfront experience on the east side of Collins Avenue. Ranging in size from 900 to over 2,400 square feet, residences will feature magnificent city and ocean views from expansive terraces, kitchens with the finest appliances and beautifully-appointed finishes. Prices for the new offering begin in the $700,000s.
“There is no greater level of luxury than that of The Ritz-Carlton,” said co-developer and Lionstone Development CEO, Diego Lowenstein. “As the only exclusively residential development in Miami managed by a luxury hotel company, buyers are naturally attracted to this unprecedented combination of privacy and superior service.”
In addition to private Residences, the community will feature 45 fractional Ritz-Carlton Club residences, all located in the restored Seville Beach Hotel building. These one-twelfth, deeded interests provide a new and compelling option for those who seek maintenance-free second-home ownership, complemented by the legendary, personalized services and amenities of The Ritz-Carlton Hotel Company.
Construction for The Ritz-Carlton Club and Residences, South Beach is slated to begin in late 2007, and all four towers are scheduled for completion in late 2009. A sales gallery is now open at The Ritz-Carlton, South Beach, located at One Lincoln Road. For more information, please visit www.rcr-southbeach.com.
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The Ritz-Carlton Residences and The Ritz-Carlton Club
The Ritz-Carlton Residences are luxurious residential condominiums which feature the company’s legendary service. The Ritz-Carlton Club is a deeded, fractional ownership real estate offering combining the benefits of second home ownership with personalized Ritz-Carlton services and amenities. Designed as a private club, Members have the opportunity to access their Club or other Ritz-Carlton Clubs. For information, please visit www.ritzcarltonrealestate.com.
Lionstone Development
Lionstone Development owns, develops and manages a diversified portfolio of residential and hospitality ventures throughout South Florida, the Caribbean and Central America. The company has amassed an impressive portfolio of luxury resort and residential developments with leading hotel industry partners which includes The Ritz-Carlton, South Beach, Hilton Curaçao Resort & Casino and Breezes Curaçao. In addition, Lionstone has several new projects under development including The Ritz-Carlton Club and Residences, South Beach, The St. Regis Hotel & Residences, Costa Rica and EPIC Residences & Hotel, a luxury residential tower and hotel in downtown Miami. For more information, visit www.lionstone.net.
Fortune International
Since 1983, Fortune International has continually raised the bar in South Florida with innovation and luxury in the development of high-end residential real estate. Led by founder Edgardo Defortuna, Fortune International is considered one of the region’s leading developers for its exclusive and distinctive properties, designed by world-class architects. The company has partnered on several of its development projects with the most accomplished global industry leaders including Le Meridien, Starwood Hotels & Resorts and The Ritz-Carlton Hotel Company, among others. Other Fortune International developments include Jade Residences at Brickell Bay, Jade Beach, Jade Ocean, Le Meridien Sunny Isles Beach, and more. Fortune’s sales presence is unrivaled with more than 850 of its own realtors in 17 offices from Key Biscayne to Weston, and international affiliates around the world. For more information, please call 305.351.1000 or visit www.fortune-network.com.
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