Miami, Florida - One United Properties (ONE), the Bucharest-listed Romanian developer, has agreed to put $43 million into ORA by Casa Tua, a 77-storey branded residential and mixed-use tower in Miami’s Brickell district, as a partner to developer Fortune International Group.
The deal is ONE’s first in the Miami market and adds to its US portfolio, which already includes investments in the Nashville metropolitan area of Tennessee. In Romania, where it builds homes, offices and mixed-use schemes, ONE calls itself the country’s leading green investor and developer.
ONE and its co-investors are putting the money into the project company, making ONE a joint venture partner of Fortune, the scheme’s developer. The total development cost is expected to top $1 billion.
Most of the investment is routed through a Romania-based vehicle controlled by ONE. ERA5 Real Estate, ONE’s US managing partner, which is owned by David Flusberg, is investing alongside it.
In its current report to the Bucharest Stock Exchange on 9 November, ONE said the vehicle, One 1210 Brickell SRL, will commit about $41 million, while a separate co-investor will add $2 million. ONE’s own equity in the vehicle is $15 million, with other co-investors funding the remainder.
The company will start with a 100% stake in One 1210 Brickell SRL. It expects that holding to fall to a significant minority position once the financing from the other co-investors is converted into equity.
According to ONE, the partnership pairs its record in large mixed-use schemes with Fortune’s local development and sales operation. Fortune International Group was founded by Edgardo Defortuna and has spent more than 40 years in South Florida’s high-end property market, with a Miami operation integrated with what the companies call the region’s most extensive sales and marketing network.
Casa Tua brings the hospitality brand and lifestyle concept. Miky and Leticia Grendene started the brand in Miami in 2001, and it now runs dining, hospitality and private members’ clubs in Miami Beach, New York, Aspen, Paris and Capri, plus Casa Tua Cucina restaurants in Brickell and Wynwood. More locations are planned over the coming years.
ORA will be the first residential tower to bear the Casa Tua name.
Victor Căpitanu, co-founder and co-CEO of One United Properties, said: “Miami is a central focus of our US growth strategy, and ORA by Casa Tua gives us the opportunity to establish our presence in one of the world’s most dynamic residential markets, alongside Fortune, a partner with decades of experience in South Florida. Our ambition is to build a lasting US business through carefully selected investments, with the same discipline that guides us in Romania. The measure of success is the long-term value we create for our shareholders.”
Edgardo Defortuna, President and CEO of Fortune International Group, said: “We’ve been very deliberate about the partners we bring into ORA by Casa Tua, and One United Properties shares our conviction in the long-term strength of Miami and the caliber of development this market demands. Their investment in ORA is a strong endorsement of the project, the continued international appeal of Brickell and the vision we have established for this development. We look forward to bringing together our respective expertise to deliver something truly distinctive for Miami.”
David Flusberg, Founder of ERA5 and One United Properties’ US Managing Partner, said: “After many months analyzing deals of all shapes and sizes, ORA stood out for its prime Brickell location, approved development plans, strong pre-sales and world-class partners. Miami will remain one of the world’s most dynamic investment destinations in the years ahead. Together with Fortune and Casa Tua, we will deliver an iconic landmark on Miami’s spectacular skyline for decades to come.”
