Fortune Starts Conversion of 20-Story Tower

MIAMI-Locally based Fortune International has begun work on an office condominium project at 1200 Brickell. Rising at the corner of Brickell Avenue and Coral Way, approximately 50% of the units have been sold.

The 20-story building will have units ranging in size from 1,400 to 38,000 sf with prices starting from the $700,000s. The project will have between 40 to 50 suites, which can be broken down into smaller spaces. The building has views of the Brickell skyline and Biscayne Bay and has is in close proximity to Interstate 95, the Metrorail, the People Mover and the Brickell Business District Shuttle. A seven-level, 570-space parking garage is part of the project with reserved spaces for buyers. The project is expected to be completed by the end of the year, Fortune International founder and president Edgardo Defortuna tells GlobeSt.com.

Among buyers have been law firms, media companies, financial institutions, an asset management group and an insurance company. Buyers typically fall into one of two categories, a buyer-occupant looking to purchase its own office space or a buyer-investor that evaluates the merits of the acquisition based on the lease in place and plans to hold the space as a long-term investment. “The presence of high-quality tenants in the retail/lobby level, such as Morton’s Steakhouse and Colonial Bank is very attractive to owners, tenants and visitors,” Defortuna says.