A penthouse at the prepared Shore Club project in Miami Seashore is reportedly in agreement for more than $120 million, a sale that would established a rate report for condos in Miami-Dade County — if and when it closes.
Witkoff and Monroe Money are creating the Shore Club Non-public Collection, an Auberge Resorts Selection-branded rental and hotel job at 1901 Collins Avenue. Douglas Elliman is handling profits and marketing of the 49-unit development. Mansion International documented that the device is less than contract to an unidentified customer.
The sale would shut as soon as the development is concluded, which is predicted in 2026. If it sells for at the very least $120 million, the 10,500-sq.-foot penthouse will have traded for far more than $11,000 per square foot, also a document in Miami-Dade and likely statewide.
The penthouse will have about 7,500 square ft of terraces and its personal rooftop pool.
Witkoff and Monroe in 2021 unveiled redevelopment ideas for the Shore Club, a historic Artwork Deco lodge. Robert A.M. Stern Architects is working with the architect of history, Kobi Karp Architecture & Interior Style, on the task. The redevelopment of the Shore Club and the Cromwell Hotel, built in the 1930s, will also involve a new 200-foot-tall tower.
Price ranges ranged from $6 million to about $40 million when revenue introduced much more than a 12 months in the past.
Witkoff and Elliman declined to comment. Monroe Money did not immediately answer to a request for comment.
Monroe took around the home as the lender for the previous developer, the now-defunct HFZ Funds Group. HFZ prepared a Fasano-branded condo and resort, but canceled the undertaking and returned buyers’ deposits in 2017. Elliman also led gross sales of that advancement.
The income group for the latest project features Elliman brokers Monthly bill Hernandez, Bryan Sereny, Norma-Jean Callahan and Fredrik Eklund of the Eklund-Gomes workforce. Eklund is in deal to invest in a device for himself at the Shore Club.
The existing cost history for condos is held by a 2015 sale at Faena Residence in Miami Beach. Billionaire hedge fund supervisor Ken Griffin paid $60 million for two models, however it was noted at the time that it was one duplex unit. Griffin, who bought the condos at a reduction for a complete of $46 million, by no means mixed them. Griffin has due to the fact established other documents in South Florida, which include his obtain in 2022 of Adrienne Arsht’s former Coconut Grove estate for about $107 million. That sale set a file for single-spouse and children home product sales in Miami-Dade County.
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Rental pricing for new developments has soared throughout South Florida’s coastline, with builders and brokerages boasting of records that will be established when their initiatives are done.
A penthouse at the prepared Raleigh redevelopment in close proximity to the Shore Club is asking $150 million. Michael Shvo is building the Raleigh project with his partners. In the drop, Shvo said potential buyers at his venture were spending $4,000 to $12,000 per square foot for units.
— Katherine Kallergis
