Jade Signature Will Have 31 Fewer Units but More Spacious

Jade Signature Will Have 31 Fewer Units but More Spacious

Jade Signature will have 192 units instead of 223 as the request from Fortune International was granted. In my opinion, it was definitely the right move since in that market clients are looking to more spacious and luxurious spaces despite the price tag.

Sunny Isles Beach commissioners approved the developer of Jade Signature’s request to modify a previously approved site plan for the condo project.

The commission voted 3-1 to allow developer Sunny Isles Beach Associates to reduce the project’s units from 223 to 192 and cut parking spaces from 429 to 422. Vice Mayor Isaac Aelion was the only member to vote against the modification during Thursday’s hearing. Sunny Isles Beach Associates is an affiliate of Fortune International.

City zoning allowed Fortune to develop up to 258 units at the Jade Signature site, attorney Cliff Schulman told The Real Deal in a written statement. Schulman represents the developer.

But Fortune always intended to build 192 condos and marketed the project as such, according to Schulman.

“My client knew very well that they would not actually build that maximum density because they realized the Sunny Isles beachfront purchasers desire larger, more luxurious units,” he said. “They submitted the initial site plan application for 223 units to allow for further design flexibility for the architects and interior designers.”

 “The changing market conditions referenced in my cover letter to the city was clarification that because of the strong Sunny Isles market, my client was and is committed to develop the larger 192 units and is leaving the additional density on the table, as they envisioned from the beginning,” Schulman said. — * The Real Deal.

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