Fortune, Blue Road break ground on North Miami Beach condo (Photos)

Fortune International Group and Blue Road broke ground on Nexo Residences, a North Miami Beach condo that will cater to short-term rental customers.

Located on the 1.74-acre site at 13899 Biscayne Blvd., the 15-story condo will feature 254 fully furnished units. Ranging from 531 to 2,190 square feet, the condos start in the mid $600,000s. The developer said the project is 70% pre-sold.

“Buyers and investors from all around the globe have flocked to this project because of its central location, impeccable amenities and the appeal of having the flexibility to rent out their units, keeping in line with Fortune’s mission of creating timeless projects that surpass all expectations through innovation and attention to detail,” stated Edgardo Defortuna, CEO of Fortune.

Amenities at Nexo Residences will include a three-story lobby with a café, a two-story tech hub with coworking space, a pool deck and jacuzzi, three summer kitchens, a fitness center with a yoga studio, a playground, a club room, an outdoor movie theater and a rooftop observation deck.

Condos with short-term rentals have proven popular with buyers in Miami-Dade County because they give owners the option to live in the condos, rent them out annually, or rent them out for short stays. Of course, it takes more work to manage a short-term rental because of the frequent tenant turnover.

“This area holds tremendous appeal for both short-term visitors and long-term residents due to its strategic proximity to renowned South Florida attractions, such as Bal Harbour Shops, Aventura Mall, the beach, and a multitude of upscale dining and entertainment destinations,” stated Jorge Savloff, CEO of Blue Road. “The location also distinguishes itself as a more family-friendly alternative to the densely tourist-populated areas of Miami, ensuring a well-rounded and enriching experience for all.”

Miami-based Buslam is the general contractor. The developer plans to complete Nexo Residences in 2026.

The developers are utilizing investments from the EB-5 immigrant visa program for part of the funding for Nexo Residences.

The developers acquired the property for $16 million in 2022 and demolished an office building.