Castle Beach Club
Developer Offers Half a Billion Dollars for Castle Beach Club Condo Building
In 2021 the condo building at 5445 Collins Ave in Miami Beach, Fl was listed for sale to the highest bidder. Related Group offered $500 million as the highest bidder but six months later backed out due to financing issues.
Now, a well-known developer to the South Florida market has swooped in matching the $500 million to purchase the 4 acre oceanfront condo property. If the deal is finalized, the developer has plans to tear down the 18-story building to build a new ultra-luxury condo complex. The site is zoned to house a building up to 200 feet high. To complete the sale, the potential buyer will likely need 95 percent buy-in from condo owners.
Stay tuned for more updates.
Photo by Google Street View