C
hâteau Group and Fortune International Group secured changes to their site plan for the St. Regis Residences in Sunny Isles Beach, which will now feature up to 361 condos, a floor area ratio of nearly 6.0, and fewer but larger units. The revised plan reduces the number of cabanas from 17 to 14 and guest suites from 13 to 10, while adding an extra level of below-grade parking to the second tower.
According to Manuel Grosskopf, CEO of Château Group, buyers are increasingly looking to combine their units, prompting the changes. The original plan approved in 2022 included 490 condos. The St. Regis Residences is a planned 62-story two-tower luxury condo development on the oceanfront at 18801 Collins Avenue.
Sales of the south tower launched in 2022 and are now about 90% presold, while sales of the north tower have reached around 30%. The estimated sellout for both buildings is $3 billion. Developers secured a $100 million financing boost from Bank OZK in April, bringing their total financing to $219 million.
Construction on the project is underway, with Arquitectonica designing the building and Patricia Anastassiadis handling interiors. The development will feature a fitness center, sports courts, three ocean-facing pools, and residents' lounges. The site has been in the works for over a decade, with Fortune and Château spending $113 million to buy out nearly 350 individual condo owners at the former La Playa de Varadero condo-hotel in 2014.
The St. Regis Residences is one of several St. Regis-branded condo developments in the pipeline in South Florida, including projects in Brickell and Fort Lauderdale.
