Fortune International Buys Key Biscayne’s Grand Bay Club

Key Biscayne has remained a relatively quiet tropical enclave. Miami’s ongoing construction boom has not been felt on the Key except for the changing skyline view on the Rickenbacker Causeway. Now, Edgardo Defortuna’s firm Fortune International has bought the Grand Bay Club, which is situated next to the currently closed Sonesta; also owned by Defortuna. Although plans for the site remain a mystery at this point (Miami Today claims the fate of the GBC is yet unknown), it seems rather logical that Edgardo and his team may plan to amalgamate the properties into a giant oceanfront project. His plans are not likely to be made public anytime soon in anticipation of opposition from Key Biscayne nimbys. Key Biscayne is notoriously slow to accept change. Should Defortuna disclose ambitious plans, expect the Key’s nimbys to gripe about increased traffic, excessive density, obstructive aesthetics, etc. Key Biscayne remains largely untouched by new development. Many of the island’s condos are old and unimpressive. The lack of development and government indecision regarding Virginia Key has not helped foster development on the two islands. Edgardo’s plans for the project could create a similar predicament to the Related Group’s Mercy project fiasco. Bafflingly, Key Biscayne represents a source of untapped potential. We’ll just have to wait and see how Mr. Defortuna can tap into it.

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