Romanian green investor and property developer One United Properties is continuing its expansion in the United States and entering the Florida market. As part of a joint venture with Fortune International Group, the company is participating in the development of the 'ORA by Casa Tua' residential and mixed-use tower in Miami's Brickell district. Following initial commitments in the greater Nashville area in Tennessee, the partnership marks the developer's official market entry into South Florida.
To deliver the project, One United Properties and associated co-investors are investing a total of 43 million US dollars in the project company. The capital flow is handled predominantly via a Romania-based company controlled by ONE. ERA5 Real Estate, headed by David Flusberg, the Romanian group's US business partner, is acting as an additional institutional co-investor. The total development costs for the scheme are expected to surpass the one-billion-US-dollar mark.
Combining local development expertise and hospitality
Fortune International Group, founded by Edgardo Defortuna, serves as the lead developer of the project. The Miami-based company brings more than forty years of experience in South Florida's high-end segment as well as a regionally integrated sales and marketing network. The culinary and conceptual profile is provided by lifestyle brand Casa Tua, founded in 2001 by Miky and Leticia Grendene. ORA represents the first residential tower developed under this brand name. Casa Tua operates international locations in major cities such as New York, Paris, Aspen and on Capri, as well as hospitality concepts in Brickell and Wynwood.
- —Project volume: Total development costs exceeding one billion US dollars
- —Investment tranche: 43 million US dollars in equity from ONE and ERA5 Real Estate
- —Location: Brickell neighbourhood in the financial district of Miami, Florida
- —Scheme concept: Branded residential and mixed-use tower in partnership with Casa Tua
Long-term focus of the US growth strategy
Victor Căpitanu, co-founder and co-CEO of One United Properties, explained that Miami forms the focal point of the US growth strategy. By participating in the ORA project, the company gains an opportunity to establish a foothold in one of the world's most dynamic housing markets. The objective, he stated, is to build a sustainable US business through selective investments and with the same discipline applied in the Romanian home market, thereby generating long-term value for shareholders.
Edgardo Defortuna, President and CEO of Fortune International Group, pointed to the deliberate choice of partner and the shared commitment to the international appeal of the Brickell district. David Flusberg, founder of ERA5 and US Managing Partner at One United Properties, added that the project had been selected following months of evaluating various schemes. Crucial factors, in addition to the location, were the planning permissions already granted and solid pre-sale figures.
