Shore Club Resorts and Residences, Auberge Resorts Collection
Update
07/20/23
Developers Secure $430 Million Construction Loan for Miami Beach Development
Developers Monroe Capital and Monroe Capital have obtained a construction loan for $430 million, one of the largest construction loans in Florida. The Shore Club Collection in Miami Beach will include the redevelopment of the art deco Shore Club property which was built in 1938, a 20-story condominium tower, the renovation of the historic Cromwell House, which will contain four residential units, a single-family home and 75-key hotel. According to Witkoff, more than two-thirds of the condominiums have been sold since sales were launched in January 2023, totaling $550 million. Located on the ocean front, the development will include a total of 49 condominium units. Construction is expected to begin in late 2023 with completion in 2026.
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