Witkoff Group and PPG Development have closed on $273 million in construction financing for Shell Bay, a private 150-acre, Mediterranean inspired Miami enclave featuring forthcoming Auberge-branded residences and a hotel, as well as the region’s first private golf club in decades. The financing was provided by J.P. Morgan and BDT & MSD Partners, two premier financial institutions who both have longstanding relationships with the project’s developers. Faisal Ashraf of Lotus Capital Partners represented the sponsors on the transaction.
“We’re proud to work with two of the leading real estate lenders in the United States that believe in our vision,” said Alex Witkoff, Co-Chief Executive Officer of Witkoff Group. “With 150 acres of land, Shell Bay represents a last-of-its-kind opportunity for waterfront new development of this scale in South Florida. The residences will be the most extraordinary and amenitized in the area.”
Pearl and Michael Herman’s Premium Capital purchased the property in 2018 and partnered with visionary developers Steven and Alex Witkoff to build Shell Bay Club and the Auberge Hotel and Branded Residences.
“The lifestyle we’re developing at Shell Bay is second to none,” said Ari Pearl, Founder and President of PPG Development. “Achieving this important milestone is a marker of Shell Bays success, and we value the trust our lenders have in us.”
The closing of the loan comes just before the groundbreaking of The Residences at Shell Bay, a 20-story condo tower serviced by Auberge. Featuring architecture by Kobi Karp and interiors by AvroKO, The Residences at Shell Bay is imagined as an oasis for those who live exceptionally. While the 108- residence tower is expected to open in 2027, residents already have immediate access to the amenities within Shell Bay’s idyllic private club setting. The opportunity to enjoy exclusive sporting and leisure experiences in advance of a building’s completion is a rare and hugely appealing draw for clientele in today’s new development market.
Currently open at Shell Bay and available to future residents is a private championship golf course designed by World Golf Hall of Famer Greg Norman, a 12-acre practice facility, nine-hole Par 3 course, a Racquet Club featuring all four Grand Slam surfaces, pickleball and padel courts, basketball courts, batting cages and a children's discovery playground. The destination will also boast a 48-slip private marina for direct water access to the Intracoastal, a private members’ clubhouse with an indoor/outdoor wellness spa, elevated event spaces, an array of dining venues and more. Plans for the boutique 60- key Auberge hotel and spa that will house many of these exclusive experiences are underway.
The Residences at Shell Bay provides a rare ownership opportunity to buyers seeking an elite lifestyle within this coveted destination. Central to the concept is the thoughtful interior design by AvroKO. Open-concept layouts offer panoramic views of the golf course, fairways and Intracoastal Waterway, while the custom kitchens bring high-performance, chef-caliber Gaggenau appliances together with exquisite craftsmanship. This includes finishes like custom white oak cabinetry, honed marble countertops and burnished brass hardware. The residences blur the line between indoor and outdoor living and deliver a true sanctuary for tranquility and refinement.
Further providing an unmatched lifestyle is a private collection of ultra-luxury, resident-only amenities that complement the offerings available throughout the Shell Bay Club and future Auberge hotel. A world-class food and beverage program led by Michelin-starred Chef Julien Jouhannaud offers residents private dining, and a resort-style swimming pool, full-service medical day spa, as well as a fitness center with indoor and outdoor facilities prime for personal or small-group training refine the wellness component. Children’s amenities keep kids of all ages happy and engaged, from a children’s play lab and creation studio to a gaming lounge, screening room with candy bar and a game room with bowling alley.
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