Chateau And Fortune Pay $113M For 4.7-Acre Sunny Isles Site Where They Plan Condos

Yet another condo project is planned in Sunny Isles Beach.

Chateau Group and Fortune International teamed up to buy out the owners of the 347-unit La Playa de Varadero condo-hotel in Sunny Isles at 18801 Collins Ave.

The developers are paying $112.5 million for the 4.7 acre site. They plan to demolish the existing condos and build a new condo project at the site, according to the SFBJ citing a press release.

Chateau and Fortune recently submitted plans for a 212-unit condo project on the former Solis site at 15701 Collins Avenue. Chateau also has another 84-unit project in Sunny Isles called Chateau Beach that topped off earlier this year.