After securing finance, construction is underway at Monad Terrace
The JDS Development Group, company behind South Beach’s new development Monad Terrace recently secured a construction loan of $137 million from the New York-based firm Madison Realty Capital. Vertical construction will begin in Spring 2018, with the completion of the building currently planned for the third quarter of 2019. Units are selling for an average of almost $2,000 per square foot.
“Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami,” said Michael Stern, Founder and Managing Partner of JDS Development. “Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity.”
Monad Terrace’s stunning tower is the first residential project of the Pritzker Prize-winning architect Jean Nouvel in Miami. Designed with climate change in mind, the Monad Terrace will be built 11.5 feet above sea level, and some may consider this as Miami Beach building of the future.
The project will be individually designed, with an emphasis on indoor-outdoor living experience with features that includes a climbing garden and reflecting pools that complement the building’s central lagoon and ocean views.
The 2 to 5 bedroom residences will also offer 10-foot ceilings, floor-to-ceiling glass, custom wood floors, and Jean Nouvel kitchens and bathrooms.
Located in South Beach, Monad Terrace will provide residents with a quiet, family-friendly setting in the heart of Miami Beach’s most sought-after areas.