FIRST ON PROFILE: Indian Creek Residences & Yacht Club in Bay Harbor Locks Down $29 Million Construction Loan

FIRST ON PROFILE: The New York and South Florida-based Landau Properties has closed on a construction loan for Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands, a boutique residential property, which will include condominium residences and a private marina. Construction on the development is now underway and sales will formally launch this fall led by Official Partners which was founded by Oren and Tal Alexander of the Alexander Team.

Miami-based private real estate lender BridgeInvest originated the $29 million loan to finance the ground-up construction of Indian Creek Residences & Yacht Club. It is the firm’s most recent transaction in its flagship fund, BridgeInvest Specialty Credit Fund IV, which focuses on development, bridge and value-add lending throughout the U.S. Raffi Landau of Estreich and Company arranged the construction financing provided by BridgeInvest.

“We are pleased to have the confidence of BridgeInvest on this very special project that will offer an unparalleled opportunity on the Bay Harbor Islands,” said Jonathan Landau, Founder and CEO of Landau Properties. “We received strong lender interest for this project, and this financing package affirms our team's ability to create an incredible residential experience with a combination of an amazing waterfront location, service-oriented lifestyle and world-class design. BridgeInvest, a highly regarded lending institution in South Florida, proved to be the perfect partner given their established local presence and robust construction abilities. It was a pleasure getting to know the BridgeInvest team and working with them on this transaction. Indian Creek Residences & Yacht Club has already captured interest from today’s most discerning buyers, and we look forward to seeing the building come to life, with demolition now underway.”

“We are excited to finance a unique, design-forward, boutique project on one of the best developable waterfront lots in Bay Harbor Island,” said Alex Horn, BridgeInvest managing principal and founder. “Jonathan Landau and his team are already proving their abilities to leverage their decades of development experience as they embark on creating the Landau Properties brand. We wish them continued success."

Indian Creek Residences & Yacht Club, which Landau Properties acquired the site for in 2022, will bring nine luxury condominium homes and six private yacht slips. The boutique building provides one of the only private yacht clubs in the area, as well as a sought-after opportunity to overlook the coveted Indian Creek Island. The waterfront development is being designed by Kobi Karp with interiors by Linda Zarifi of Zarifi Design.

Renderings via Landau Properties

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The Most Opulent Listing In Lake Park Hits The Market At Nautilus 220 In The Palm Beaches

Royal Palm Companies and Forest Development have revaled Penthouse F5, the final penthouse available. PHF5 is a stunning home with a rooftop terrace at Nautilus 220, a new luxury mixed-use development with condominium residences in two, 24-story towers, with restaurants like SeaHawk Prime by David Burke, retail, and offices all alongside a full-service marina. With nearly 4,600 square feet of total living area and a rare private roof terrace with pool, the residence is the most coveted listing in Lake Park to be announced at $4.6 million.

Located on the top floor of Nautilus 220’s South Tower, Penthouse F5 boasts 12-foot ceiling heights, two spacious bedrooms and two and a half ultra-luxe bathrooms. The rooftop terrace includes a summer kitchen, private pool, and sun deck. The residence also features direct elevator access to the foyer for ultimate privacy.

“Nautilus 220 brings a first-of-its-kind luxury development to the Lake Park area in the Palm Beaches and the penthouse gives residents an unparalleled level of oceanfront luxury,” said Peter Baytarian, Managing Partner of Forest Development. “As Palm Beach country continues to gain popularity and momentum with fans of waterside living from near and far, this penthouse is a truly elite option for living the South Florida dream that is minutes from famed Palm Beach and the ultimate luxury shopping, dining, and lifestyle.”

Nautilus 220 is comprised of 330 two- and three-bedroom residences in two, 24-story towers ranging from 1,500 to 3,400 square-feet. Various floor plans with plunge pools, summer kitchens, and unobstructed views of the Intracoastal Waterway and Atlantic Ocean. The project also offers an array of amenities including a one-acre outdoor amenity deck, resort-style pool, rooftop lap pool, wellness plaza, putting green, club room, theatre lounge, billiards, bowling, off leash dog run, guest suites, and private beach club access. The lobby, common areas, 5th floor amenities and model residence were each thoughtfully designed by Interiors by Steven G. Inc. Located in the popular Palm Beaches, this luxe development provides direct access to SeaHawk Prime by David Burke, as well as various other waterfront restaurants, retail, and office suites. Nautilus 220 is also set alongside the popular Lake Park Harbor marina offering slips for boats up to 100 feet.

“Nautilus 220 brings a unique, mixed-use experience to those in the Lake Park area with residential, F&B, retail, and office space all in one development,” said Daniel Kodsi, CEO of Royal Palm Companies. “The future resident of Penthouse F5 is someone who loves the Palm Beach lifestyle, but wants more in terms of new construction, amenities, and contemporary style. This resident will also appreciate the opportunity to own on the water just minutes from the beach at these prices. This is Palm Beach 30 years ago and has a tremendous opportunity to grow and appreciate in value with all that is going on in the area. PHF5 is its own private oasis with access to all of Nautilus 220’s top-notch amenities.”

The Nautilus 220 development team includes Forest Development and Royal Palm Companies. The design team includes architecture by R+N Architecture, interior design by Interiors by Steven G. Inc., and planning and landscape by Insite Studios. Sales and marketing for Nautilus 220 is being handled by Oculus Realty. Nautilus 220 is approaching 80% sold with construction expected to be completed in Fall 2024.

Renderings via Nautilus 220

Pacific & Orient Properties, LLC Celebrates Construction Milestones for 7918 West Drive in Miami’s North Bay Village

7918 West Drive, a 21-story, 54-residence waterfront condominium development in Miami’s North Bay Village, has passed significant milestones in construction as the building’s foundation through third level are now complete with significant progress completed on the parking garage. Additionally, concrete has been poured on the 6th level as well as the verticals (columns and shear walls). The foundation for the south section of the parking garage is completed as well. The estimated completion date for the development is the first half of 2025. 7918 West Drive is being developed by Pacific & Orient Properties, LLC.

“The meticulous planning and execution of the construction process have been instrumental in achieving this milestone,” said Chan Thye Seng, CEO and Managing Director of Pacific & Orient Properties, LLC. “We are excited to be a part of the rediscovery that is happening in North Bay Village and to redefine the standards of waterfront living in North Bay Village.”

Thornton Residential is the general contractor, and Juan Azulay, founder and director of MTTR mgmt, is the project architect. The building’s lobby features the design of ONE DESIGNS Co. Ltd, a Tokyo-based multidisciplinary architectural design firm. For those seeking a home that simply redefines attention to detail, the firm includes architectural designers and first-class certified architects who bring the expertise of Japanese construction and interior design.

7918 West Drive is the firs new residential project to break ground in North Bay Village in over a decade and is uniquely designed, offering cutting-edge technology throughout. Since its groundbreaking ceremony in February 2023, the development has been making impressive strides, solidifying its position as a symbol of architectural excellence in South Florida due to its exceptional design and meticulous attention to detail.

7918 West Drive is a collection of dramatic residences, where east meets west. Aerial views show the distinctive architecture and landscape elements that define every floor plan and each unit, respectively. Its combination of Japanese-inspired culture, spectacular design and modern, high-tech living sets the project apart from the rest. The community offers a Zen Garden, yoga space and water elements to create an indoor-outdoor feel.

Kitchens will feature modern cabinetry by SieMatic, premium countertops and surfaces by Cosentino, and quality Miele appliances. Residences will also feature Hansgrohe and Kohler plumbing fixtures. In addition, 7918 West Drive’s advanced technology will include customized software automatization for the latest in privacy, security and convenience.

Situated on a 33,600-square-foot lot on the Intracoastal Waterway, 7918 West Drive will feature 15,224 square feet of common areas, 148 parking spaces and 16 storage units.

Residences are priced from $2 million to over $17 million and range in size from 1,677-7,086 square feet total, each residence will feature a minimum of two bedrooms, with at least two view exposures to Biscayne Bay. With only four units per floor, all residences are corner units with each balcony having an irregular shape and irregular ceiling shape, providing partially shaded and partially sunny areas.

The combination of a thriving neighborhood, proximity to major cities, and serene waterfront living make North Bay Village and 7918 West Drive a highly desirable location for those seeking a luxury condo in South Florida.

SHVO Locks Down $190 Million In Financing For The Raleigh Hotel & Residences, Miami Beach

SHVO, the ultra-luxury real estate development and investment firm led by Michael Shvo, has secured $190 million in new financing for The Raleigh Hotel & Residences, Miami Beach, a significant milestone in the next chapter of the iconic art-deco storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform, and facilitated by Walker & Dunlop's New York Capital Markets team, closed earlier this week. Construction is well underway and the property is on-track to open in 2026.

With a total investment of approximately $1 billion, including a substantial equity contribution of over $300 million, the restoration and expansion of The Raleigh by SHVO, in partnership with Deutsche Finance America and a group of German institutional pension funds,represents one of the single largest investments in Miami Beach and serves as a testament to SHVO’s commitment to bringing world-class design and architecture to the city.

Located on 1775 Collins Avenue and situated on an unprecedented three-acre oceanfront parcel, the return of The Raleigh will redefine Miami Beach's historic Art Deco district. The design, helmed by acclaimed architect Peter Marino in collaboration with Miami-based Kobi Karp Architecture, will feature a 60-suite full-service hotel managed by Rosewood Hotels & Resorts, a separate 17-story oceanfront tower with 42 Rosewood-branded residences, and a private member’s club with Michelin-starred dining concepts.

“As we proceed with our meticulous restoration of The Raleigh, we continue to be inspired by its legacy of elegance, glamour and sophistication,” said Michael Shvo, Chairman and CEO of SHVO. “Our new financing will allow us to honor the historic significance of The Raleigh while ushering it into a new era of refined luxury, creating an unparalleled hospitality experience for generations to come.”

“BH3 is pleased to provide the financing for the first stage of construction for SHVO’s plan to restore and revive the iconic Raleigh property in Miami Beach,” said Gregory Freedman of BH3 Management. “Between SHVO’s track record of execution on other marquee luxury projects, the best-in-class team that has been assembled, including Rosewood and Peter Marino, and The Raleigh’s historic relevance and design, this will be a transformational project for Miami Beach.”

“This transaction underscores the reality that despite today’s challenging capital markets environment, liquidity remains readily available for proven sponsors determined to develop unique assets in established markets,” said Aaron Appel, Senior Managing Director and Co-Head of the New York Capital Markets team at Walker & Dunlop. “The collaboration between SHVO, Peter Marino and Rosewood Hotels & Resorts ensures that upon delivery, The Raleigh will be a truly market-defining project and a welcome addition to the rapidly changing landscape of Miami Beach.”

Related Group And Rockpoint Sign Leases With Three New Retail Tenants At Manor at Miramar

Related Group, Rockpoint, and JLL have signed leases with three retail tenants at the new, mixed-use development Manor at Miramar now under construction in the heart of Miramar, Florida. Crema Gourmet, Sweat440, and The Spot Barbershop are the first retail tenants announced at the project located at 1 Main Street in Miramar where approximately 17,600 square feet of ground-level retail space remains available for lease. The property is expected to welcome residents and commercial tenants by the year’s third quarter.

JLL Senior Vice President Jonathan Rosen represented ownership in the lease negotiations.

“Since the project’s inception, we wanted to ensure Manor at Miramar offered a variety of retail services that would better the experience of residents and the surrounding community,” said Related Group’s, Senior Vice President of Development, Jessica Melendez. “With the addition of these three tenants, customers will be able to enjoy everything from a local food and beverage favorite to fitness and cosmetic services.”

Offering a wide ranging menu of delicious options from espressos to salads and bowls, Crema Gourmet Espresso Bar will be located on the corner of Main Street and Red Road taking 2,700 square feet of space on the ground floor. Since 2012, Crema Gourmet has quickly become a local favorite with fantastic coffee, juices, smoothies, salads, sandwiches, pasta, wine, beers, and more. Open seven days a week, the fast-casual spot focuses on finding gourmet ingredients that are carefully curated and fresh.

SWEAT440 is a dynamic 40-minute workout concept designed for beginners and experienced fitness enthusiasts alike. The boutique fitness studio will be taking 3,200 square feet at the development and offers one of the most convenient group fitness options with 40-minute, four 10-minute station classes are HIIT circuits: short, intense bursts of exercise with brief periods of rest to maximize calorie burn – and sweat.

Established in 2001 and growing rapidly with 20 locations, The Spot Barbershop will occupy 1,500 square feet along the project’s pedestrian walkway fronting the Miramar City Hall Promenade. From hot towel shave treatments to hip haircuts to straight razor shaves, The Spot Barbershop offers classic grooming services in a modern setting with skilled stylists combining superb service, a relaxed and sophisticated classic style into an experience where the goal is to make customers feel great and look even better.

The eight-story, luxury rental Manor at Miramar will feature 393 residential units ranging from studios to three-bedroom layouts. The project has 134 dedicated retail parking spaces comprising 23 on-street parking spaces, 53 parking spaces in a surface parking lot fronting Red Road, and 58 structured parking spaces dedicated to retail. Additional free parking is available in surrounding public parking garages. Related Group expects move-ins to begin by December 2023.

“Miramar is quickly becoming one of South Florida’s most sought-after retail submarkets,” said JLL’s Rosen. “Manor at Miramar is the ideal option for retailers looking to have an established residential base right upstairs and also benefit from the great foot traffic brought by the nearby Miramar Town Center.”

Since 1979, Related Group has enhanced skylines with real estate development characterized by innovative design, enduring quality and inclusive living. From luxury high-rise condominiums to more accessible developments, the Related Group’s distinctive brand of culture, design and lifestyle-infused properties continues to revitalize urban neighborhoods.

First Penthouse At Cipriani Residences Miami Sells Just Weeks After Hitting Market For $16.2 Million

The first of six penthouses at Cipriani Residences Miami, the Cipriani brand’s first-ever ground-up residential tower in the nation which is being developed by Mast Capital, has sold just weeks after hitting the market for $16.2 million. Penthouse 1 is an impressive four-bedroom home with 9,221 square feet of combined indoor and outdoor space. Listed at $16.2 million, translating to a record-breaking $3,333 per square foot, the penthouse emulates the prestige of the Cipriani brand and its capacity to deliver a world-class product. Selling agents for The sale for Penthouse 1 was represented by Carol Cassis from Fortune International Realty, who is the exclusive sales and marketing firm for the project, and Juliana Savoia from Coldwell Banker Realty.

“Selling Penthouse 1 in a matter of weeks after the unveiling of the premier Canaletto Collection is a true testament to Cipriani Residences Miami’s caliber in the market,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “The meticulous attention to detail and design of this penthouse creates a new precedent for luxury in Brickell that is further bolstered by the unique services and exclusive privileges that owners within the collection will enjoy.”

Featuring four bedrooms and five and a half bathrooms, Penthouse 1 will offer 4,888 square feet of interior space as well as an expansive 4,333 square feet of outdoor terrace space. Combined with priority access to the tower’s speakeasy, the residence will provide an unparalleled lifestyle with a private infinity-edge swimming pool and fully operational outdoor summer kitchen as well as a suite of state-of-the-art appliances. In addition to these unique features, the Penthouse 1 buyer was enticed by the upgraded interior architecture package curated by internationally renowned design firm 1508 London that adds a distinctive touch to the home. Offered exclusively for the penthouses, this for-sale package includes special, rarefied details such as wall coverings, paneling and custom millwork that differentiate the listings in the market.

Thoughtful customization options, like the interior architecture package offered exclusively to penthouse owners, are a hallmark of the Canaletto Collection, an exclusive, limited assemblage of homes on the top 18 floors of the tower representing the highest level of luxury in Brickell. While the interior architecture package is exclusive to penthouse owners, 1508 London also created custom furniture and accessory packages to serve the rest of the Canaletto Collection buyers who are interested in enhancing their purchase. The firm envisioned two distinct options: ‘Tradizionale,’ designed in the signature Cipriani style, and ‘Contemporaneo,’ a more contemporary approach to interiors. These packages make adorning a Cipriani-branded home a seamless experience for residents and include a mix of custom and brand-name details that are consistent with the aesthetic and style of the Cipriani brand.

With 68 two- to five-bedroom residences and six marquee penthouses, the Canaletto Collection at Cipriani Residences Miami is also anticipated for its streamlined, complimentary upgrades, such as home automation systems and book-matched marble, as well as the special privileges it will afford owners. Residents will enjoy priority access to the building’s premium amenity collection, including a private resident-only Cipriani restaurant. Catering and in-residence dining by Cipriani will be offered around-the-clock, while dining services will extend to the elevated resort deck, where residents and their guests can enjoy a Bellini on the sun terrace or lounge in cabanas beside the swimming pools.

All residents at the 397-residence building will have access to a robust wellness offering which includes a fully equipped state-of-the-art fitness center, spinning room, a holistic spa, ice plunge, and sauna. Residents seeking sporting and competition can visit the golf simulator, pickleball court and screening room for game day. Those who prefer a more serene lifestyle can venture to the library or salon for a treatment. Cipriani Residences Miami also offers the convenience of an elevated private dog park, children’s playroom and à la carte services like plant care, away from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training and more.

Cipriani Residences Miami, located at 1420 South Miami Avenue in the Brickell neighborhood, is expected to be completed in 2026. Pricing for the Canaletto Collection begins at $3.65 million, while penthouses start at $9.5 million.

Renderings via The Boundary

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

The Avenue Coral Gables Hotel & Residences Reaches 65% Sold

The Avenue Hotel & Residences Coral Gables, a Parisian-inspired neo-classically designed boutique tower and hotel on San Lorenzo Avenue in Coral Gables, has hit 65% percent in pre-construction sales. Located at 351 San Lorenzo Avenue, The Avenue Coral Gables Hotel & Residences is being developed by Roger Development Group, a Coral Gables-based family-owned, fully integrated real estate development and management company. Groundbreaking is slated for Fall 2023 with the hotel and residences anticipated to be completed in early 2025.

The Avenue Coral Gables Hotel & Residences is designed by Bermello Ajamil & Partners with fully-furnished interiors by celebrated interior designer Adriana Hoyos Design Studio, best known for world-class tropical luxury inspired interiors, The Avenue Coral Gables Hotel & Residences is an 8-story boutique building and condo hotel, with a collection of 48 residences with thoughtful and luxurious one- and two-bedroom layouts outfitted with contemporary Italian kitchens and baths by Italkraft and Subzero and Wolf appliances. The residences start from 598 to 1,200 square feet. In addition, the property is completed by 3,861 square feet of ground-floor luxury retail space.

Prices start from $730,000 to over $1.3M with sales being exclusively managed by Cervera Real Estate.

“We are delighted with this sales trajectory. It’s clear our buyers appreciate the unique quality of life that living in the Merrick Park district offers in a brand-new, state-of-the-art boutique building that is not only well-sited within walking distance to the upscale shops and fine dining restaurants of Merrick Park, but also affords the owners all of the benefits of condo hotel ownership allowing unit owners to use their property as little or as much as they’d like while having the ability to earn revenue on their investment when they are not in residence,” said Oscar Roger, President & CEO of Roger Development Group.

Amenities include a front desk reception, and a slate of hotel services to make daily life easier and more enjoyable. Valet parking, and newspaper and package delivery are a few of the dozens of services available to homeowners. Amenities include an outdoor hammock garden, and resort-style pool deck on Level 9, with a summer kitchen and family dining area, but most appealing is the address - across the street from the entrance to the upscale shopping center Merrick Park, which has more than 100 retailers and restaurants, including Neiman Marcus, Nordstrom, Gucci, Jimmy Choo and Tiffany & Co. Merrick Park also has Equinox Fitness, SoulCycle and Elemis spa.

“Buyers to date have been an eclectic mix of young professionals, young and older families as well as buyers both foreign and domestic, which accounts for over 65% percent of The Avenue Hotel & Residences Coral Gables purchases. Buyers have singled-out the project for its unparalleled location, fully-furnished contemporary designs by Adriana Hoyos Design Studio, its robust assemblage of amenities and services and exceptional ability to put their property in the hotel program,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate, the exclusive broker of The Avenue Hotel & Residences Coral Gables.

Operating in South Florida since 1955, Roger Development Group is led by President & CEO Oscar Roger, Sr. along with CFO, Oscar Jr. who joined the company in 2013 and is furthering the family tradition of development and real estate services within Florida and abroad.

Elysee Investments Acquires Retail Property Across From Former Deauville Development Site For $5.5 Million

Elysee Investments, one of Miami Beach’s largest retail owners, $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which features 500 feet of beachfront. The Deauville Hotel site has made headlines for years as the famed hotel fell into an unsalvageable state before controversially being demolished. Miami Beach voters then rejected a proposal from Stephen Ross’ Related Companies to develop an Equinox-branded two tower hotel and residential luxury project designed by legendary architect Frank Gehry.

Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez marketing the property on behalf of the seller. Elysee Investments was assisted by Greg Greer of CRR of South Florida, LLC.

“This property represents tremendous opportunity at the epicenter of one of the area’s most exciting, up-and-coming beachfront neighborhoods,” said Gonzalez. “The building’s value is only set to skyrocket once the Deauville site is purchased and developed into a multi-billion-dollar, ultra-luxe condominium or hotel – which will be transformative for this part of North Beach and its future growth. Just a block from the sand, 6644 Collins Ave. is ideally positioned to capture a heightened inflow of foot traffic and high-end business activity as well-heeled consumers continue to descend on the area.”

All four tenants, Venezia Bar & Pizzeria, Pink Donuts, NoBe Yoga, and Mr. Blendz Barber Shop -- will remain in place.

Images via Luxehunters Productions

Witkoff Group and Monroe Capital Close On Record-Breaking Loan For Shore Club Private Collection

Witkoff Group, a Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, have closed on a $430 million construction loan for Shore Club Private Collection, which is on track to be one of the fastest-selling luxury developments in Miami Beach’s history. Financed by J.P. Morgan, the loan is believed to be the largest for a residential construction project in South Florida. With two-thirds of inventory sold and sales already surpassing $550 million since its late January launch, Shore Club is readying to begin construction later this year for an expected completion in 2026.

“This record-breaking loan underscores the tremendous confidence the market has in Shore Club Private Collection,” said Alex Witkoff, Co-Chief Executive Officer of Witkoff Group. “The project has been leading luxury condominium sales in Miami since its launch, and we are setting a new standard in Miami Beach with prices per square foot consistently over $5,000 and the average home selling for more than $20 million. We’re thrilled to have reached these legendary milestones with such a prestigious investment partner as J.P. Morgan.”

Building on the rich history of Miami Beach’s Art Deco and modernism design style, while also fostering a seamless connection to its iconic location, Shore Club Private Collection will be home to 49 residences designed by award-winning New York-based firm, Robert A.M. Stern Architects. The architect is behind some of New York City’s most successful buildings, including 220 Central Park South and its predecessor, 15 Central Park West. Shore Club will be set on three oceanfront acres with lush botanical gardens curated by renowned landscape architect Nathan Browning of Island Planning Corporation.

The development is the first residential oceanfront project designed inside and out by Robert A.M. Stern and includes a ground-up new building, The Tower, a newly reimagined Art Deco building originally completed in 1939, The Cromwell House, and The Beach House, a signature single-family beach house. Each component relates architecturally yet is artistically distinctive, envisioned to maximize vistas and light with the curvature of each home to deliver a product that does not yet exist in the Miami market. The interiors further this vision, taking inspiration from yacht design and the patterns and movement of the ocean waves and sand on Miami’s coastline. RAMSA collaborated with Miami-based Kobi Karp Architecture & Interior Design on the architecture.

Rising 20 stories, the Tower features two- to six-bedroom residences ranging from 1,900 to more than 10,000 square feet with beautifully curved balconies, over 10-foot ceilings and floor-to-ceiling windows homes. Complete with private and semi-private elevators and private balconies, the Tower offers cinematic views of the Atlantic Ocean and sunsets. The eight-story historic Cromwell House will be preserved and reinvented as four premier residences, including three duplex residences and a penthouse. These homes will be four and five bedrooms featuring two-story great rooms with dramatic double-height ceilings, and the expansive full-floor penthouse. Finally, the Beach House will be the only private home on the oceanfront of Miami Beach and will span 6,000 square feet with three outdoor spaces totaling over 2,180 square feet.

The reinvention of the Shore Club Private Collection is a united vision in partnership with Auberge Resorts Collection. The residences will be serviced by Auberge but will offer privacy and seclusion within the five star resort. The collection of amenities and services exclusive to residents include a discreet porte cochere entrance, three separate swimming pools including a private residential pool, 75-foot lap pool and a leisure pool, state-of-the-art fitness center, library, lounge and other amenities. Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with numerous in-home offerings, as well as access to Auberge’s world-class spa, concierge services, housekeeping, beach club and culinary experiences, including in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more.

Pricing at Shore Club Private Collection starts at approximately $6 million. Sales and marketing efforts for the project exclusively handled by Douglas Elliman Development Marketing.