BY MARIE PULEO | POMPANO BEACH REAL ESTATE AND DEVELOPMENT REPORTER
The Ritz-Carlton Residences, Pompano Beach is being touted as the most expensive development in the city, with units starting at just under $1 million in The Marina Tower and approximately $3.5 million in The Beach Tower.
“Fortune International Group has a longstanding history of identifying emerging real estate hot spots and we now have our sights set on Pompano Beach,” said Edgardo Defortuna, president and CEO of the firm. “There couldn’t be a more beautiful property for us to deliver The Ritz-Carlton Residences than the beach and Intracoastal area we chose.”
The 32-story Beach Tower, located on the oceanfront, will feature 117 residences, including four penthouses, with one to five bedrooms, and ranging from 1,491 square feet to over 7,193 square feet. Each residence will have a private elevator lobby.
The 14-story Marina Tower, located along the Intracoastal Waterway, will have 88 residences consisting of one to four bedrooms, and ranging from 917 square feet to 3,985 square feet. The Marina Tower includes four penthouses.
The penthouses in The Beach Tower will have service quarters. Two of the penthouses in The Beach Tower and all four penthouses in The Marina Tower will have a rooftop garden terrace with a summer kitchen and a private pool.
The Beach Tower amenities include a private beach club with a bar and grill; two oceanfront infinity pools; an oceanfront fitness center; a beauty salon and barbershop; a library and breakfast room; and a business center.
The Marina Tower includes a private yacht club featuring a marina with 13 boat slips, for sale exclusively to owners, and one pick-up and drop-off boat slip. Other amenities include a bar and grill; a bocce and pickleball court; a boardwalk along the Intracoastal; a sunset pool; a kids and teens club room; a pet spa room; and a virtual golf simulator with a lounge.
Both towers will offer 24/7 valet service; a wellness center with a his and hers spa; and a dog park. The property will also include six guest units for residents to book for friends and family for a fee, with full access to the services and amenities of The Beach Tower and The Marina Tower.
Units in The Beach Tower will have direct unobstructed ocean views, as well as Intracoastal views from the flow-through corner units. Units in The Marina Tower will have direct views on the marina, as well as partial ocean views from the east side.
The Ritz-Carlton Residences, Pompano Beach is the third Ritz-Carlton Residences property that Ricardo Dunin, founder and CEO of Oak Capital, is developing. While at Lionheart Capital, where he was a founding partner, he completed The Ritz-Carlton Residences, Miami Beach and The Ritz-Carlton Residences, Singer Island.
Fortune International Group developed The Ritz-Carlton Residences, Sunny Isles Beach with the Château Group.
Lionheart Capital laid the groundwork for what is now the Ritz-Carlton Residences, Pompano Beach project. In 2018, Lionheart Capital, who at that time was the owner and developer of the site, was successful in rezoning the property and getting site plan approval from the City of Pompano Beach.
Fortune International Group bought the 4.6-acre development site from Lionheart Capital in 2020 for $27.5 million, after Dunin left Lionheart to launch Oak Capital.
The Ritz-Carlton Residences, Pompano Beach towers were designed by Luis Revuelta, of Revuelta Architecture International. The interiors and landscape concepts were designed by acclaimed architect and designer Piero Lissoni.
The sales gallery, which opened in May, offers potential buyers a glimpse of what the Ritz-Carlton residences will be like. It features a model kitchen, model bathroom, and an outdoor deck with a fire pit and private beach area. Fortune International Group is the exclusive sales and marketing team.
A “whisper launch” for pre-sales of the residential units started in January. At the time of the opening of the sales gallery, over 80% of the residential units were under reservation, according to a representative of The Ritz-Carlton Residences, Pompano Beach. This month the project converted from reservations to hard contracts.
More than 75% of the buyers are from Florida, with others coming from Massachusetts, New York, Illinois (including Chicago), Canada and Brazil.
The deposit required to purchase one of the residential units is 10% of the total cost at the time of reservation; 10% 90 days following the reservation; 15% at the time of the groundbreaking; and the balance is due at the time of closing.
The Ritz-Carlton Residences, Pompano Beach will likely break ground by the end of this year.
The Beach Tower and The Marina Tower will be built simultaneously. The project is forecast to be completed in 2025.
RITZ-CARLTON RESIDENCES, POMPANO BEACH – PART OF AN UPWARD TREND
Pompano Beach has seen a recent boost in luxury development, especially on its beachfront.
“Pompano Beach was overlooked by the private sector as an investment area for many years, but times have changed,” said Nguyen Tran, director of the Pompano Beach Community Redevelopment Agency (CRA).
In addition to The Ritz Carlton Residences, upscale residential developments such as Sabbia Beach (completed in 2018), Casamar and Solemar (currently underway) are calling Pompano Beach home.
“This upward trend would never have happened if the CRA and City had not invested in the redevelopment efforts of the beachfront,” said Tran.
The revitalization of the beach area included streetscape improvements to Pompano Beach Boulevard, restoration of the dune system along the beachfront, construction of the new Fisher Family Pier and the Pompano Beach Fishing Village, which features restaurants, retail shops and a hotel.
“We have created a vibrant destination featuring an impressive list of amenities,” said Tran.
“The city established a relaxed beach-town vibe, teeming with opportunity for more growth and development,” said Defortuna. “We are honored to bring The Ritz-Carlton Residences to life in Pompano Beach.”
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