A joint venture between Fortune International Group and Chateau Group secured approval from the Sunny Isles Beach City Commission on Nov. 19 to build a 1.23 million-square-foot residential and hospitality project. The developers would build two towers on the 4.7-acre site along the beach at 18801 Collins Ave. It would have 431 condos, 60 hotel rooms and 90 apartments.

One tower would have 137 condos, and the second tower would have the additional residential and hotel units. It would have 1,114 parking spaces.

The developers agreed to pay the city $12.2 million to increase the density of the project, with 10 percent of that due within three days of approval. It would pay another $35.4 million for a transfer of development rights for an extra 120 units, again with a 10 percent deposit.

The building was designed by United Network Studio and the architect of record is ODP Architects.

The site currently has the La Play de Varadero condominium. The developers, through La Playa Beach Associates, bought out the individual condo owners in 2014 for $112.5 million.