Fortune International Plans New Coral Gables Project After $38M Site Purchase

Key Points

• $37.5M acquisition: Fortune International Group acquired the 4.8‑acre Gables Waterway site at 6100 Caballero Blvd.

• 251-unit flagship: The developer plans a $150M branded mid‑rise condo with up to 13 floors, created by Arquitectonica and PPA.

• Close to $20M financing: Backed by a $19.1M mortgage from City National Bank of Florida, showing strong lender confidence.

Edgardo Defortuna’s Fortune International Group has paid $37.5 million for a pivotal 4.8‑acre site in Coral Gables — the Gables Waterway complex - with plans for a branded residential development. 

Acquisition & Structure

• Fortune purchased the Gables Waterway site—which includes four existing two-story buildings totaling approximately 80,500 square feet—adding to its growing inventory of prime development sites.

• The deal was financed by a $19.1 million mortgage from City National Bank of Florida, underscoring continued banking appetite for high-end residential sites.

Project Plan & Design Team

• The scheme calls for two mid‑rise towers (9 and 13 stories), anchored by a prominent brand—Fortune is in talks with a major operator though the name remains under wraps.

• Architecture by Miami’s Portuondo Perotti Architects and Arquitectonica will include both residential units and roughly 1,500 square feet of street‑level retail plus public park space.

Market Context

• Coral Gables continues to attract ultra-luxury developments. The Calta Group recently secured funding for its Via Veneto townhomes, while Allen Morris launched sales for the 58-unit Ponce Park Residences.

• Branded developments—from St. Regis in Sunny Isles to Ritz‑Carlton in Pompano Beach—are growing in South Florida with strong buyer demand.

Developer Insight

• This project represents a strategic expansion of Defortuna’s branded‑residences pipeline, following Casa Tua in Brickell and the upcoming St. Regis in Sunny Isles.

• Leveraging strong brand cache and high‑profile architects, Fortune is targeting buyers seeking luxury, location, and a distinctive Coral Gables lifestyle.

Fortune International’s acquisition highlights investor confidence in Coral Gables’ luxury segment, with branded condo projects providing stronger market appeal and pricing power. Dubbed the 'Beverly Hills' of Miami, the area has historically been a single-family home stronghold, but has recently seen more condo development activity. This new project by Fortune International signals the continued growth and evolution of the area.