Fortune International JV Tops Off North Miami Beach Tower
The units will be available for short-term stays with flexible uses.
A joint venture between Fortune International Group and Blue Road have topped off Nexo Residences in North Miami Beach, Fla., a 16-story 254-unit, short-term rental condominium. The property is expected for completion next year.
Upon completion in Nexo Residences will offer a variety of studio to three-bedroom floor plans. Also offered will be an array of three- and four-bedroom townhomes. The units are also designed for flexible use, being large enough to convert portions of them to secondary spaces or additional apartments.
Residences range from 531 to 2,438 square feet in size, and the tower’s residences will be priced from the $599,000s. Fortune Development Sales will oversee the units’ sales and marketing.
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The turnkey residences offer floor-to-ceiling windows, porcelain flooring, built-in bedroom closets, dedicated lockable owner’s closets and balconies with glass railings. European-style kitchens feature quartz countertops and matte black fixtures.
Community amenities at Nexo include a three-story arrival lobby and lounge with café, two-story technology center with coworking spaces, a pool deck with a jacuzzi, a trio of summer kitchens, a rooftop observatory deck, children’s playground, multi-purpose clubroom and private event area, an outdoor movie theater and yoga studio. Digital features are offered across the community, and these include smart key access, a self-service package program and Wi-Fi throughout common areas. Over time, the building management will continue to incorporate tech-driven management systems to elevate the transient experience at Nexo Residences.
Frankel Benayoun Architects Inc. designed the project and Urban Robot developed the unit interiors and landscaping. Kast Construction is serving as the general contractor.
Foreign funding sources
A hallmark of the Nexo project is the EB-5 Immigrant Investor program, which is allowing international investors to own equity in the project in addition to receiving lawful permanent resident status. The investors must commit $1.05 million in Nexo’s EB-5 program and abide by the required process for eligibility under the U.S. Citizenship and Immigration Services for eligibility to receive a green card.
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May was a busy month for condominium investment and development in the Miami area. Last week, U.S. topped out on construction of Salato Residences, a 40-unit luxury project located in Pompano Beach. A day prior, Alta Developers landed a $94.2 million construction loan for Cassia – The Residences at Coral Gables, a 174-unit boutique project taking shape in Coral Gables.
