Florida real estate magnate expands to Argentina to help his wealthy compatriots exit in style

RIO DE JANEIRO, BRAZIL – Fortune International Realty, an established upscale real estate developer in Miami, has a nose for good business and therefore decided to expand its brand in Argentina and the region. The company has 18 offices in Florida and approximately 1,000 brokers with annual sales of over US$1 billion.

Argentina is currently experiencing one of the largest exoduses in its recent history, mainly the rich leaving the country.

Read also: Check out our coverage on Argentina

Many wealthy families move just across the Rio Plata to Uruguay or Paraguay, but Florida is a dream destination for any Latin American who can afford it.

The company, led by Argentine businessman Edgardo Defortuna, who has lived in Florida since the 1980s, has taken the initiative to promote new business in the local market and boost investment by Argentines in the United States, entering into a strategic agreement with Soldati Real Estate, a family-owned company with eight offices in the city of Buenos Aires, Greater Buenos Aires and Neuquén.

Both companies will act as business partners in the local market, with direct access and participation in all projects, in all phases.

Fortune’s portfolio includes numerous luxury properties in South Florida, such as Jade Signature, The Ritz-Carlton Residences, Sunny Isles Beach, Auberge Beach Residences, Spa Fort Lauderdale, and Jade Residences Brickell; Jade Beach, Jade Ocean, and Hyde Resort & Residences Hollywood.

The objective of the agreement consists of two clearly defined business areas, described by Defortuna as follows: “In Argentina, we want to be present in the main points of the country through our strategic partners, to land in neighboring countries. At the same time, we want to expand the international business to the United States, not only the classic residential and commercial properties but also to participate directly in projects under our Fortune brand,” he said to the Clarin newspaper.

Sergio Soldati, director of the local company, pointed out that “for the Argentine market, an alliance with one of the most important developers in Florida opens a bridge in the generation of real estate business between Argentina and the United States, adding the possibility that, if conditions are right in the future, a Fortune project could be developed in Argentina, like Jade Park in Asunción, which is one of the most prestigious Fortune projects in Latin America.”

Soldati will provide Fortune with a sales team, management, and infrastructure (offices) from the outset and will provide immediate brand visibility through all products in the portfolio, including the more than 30 projects represented by the company. In addition, the company will manage the entire portfolio of residential properties and the management of commercial development projects proposed by Fortune in Latin America.

On an operational level, the two entrepreneurs have already opened the Soldati Fortune offices at 700 Avenida del Libertador, modeled after the brand’s office format in the United States. Fortune International Group has 18 offices worldwide with nearly 1,000 employees.

The background of the agreement is described by the businessmen in their assessment of the economic situation in the two countries: “As a result of the Covid and the decisions of the State of Florida, such as the reduction of taxes and the tax exemptions for large companies, Miami experienced an abrupt and sustained growth and was able to position itself as one of the most consolidated and attractive cities for investment in the United States. In addition, there was strong domestic migration, which further solidified the city’s recovery,” describe the business leaders to Clarin.

“The lack of predictability in Argentina and the start of Miami, together with the successful experience of both companies in the past, was the combination that made possible this alliance with future projections in the region,” concludes Soldati.