Developers of Flood-Proof Monad Terrace Receive Financial Backing
By: Ismael Rodriguez
After acquiring $62.5 million in financing, JDS Development Group can now complete the Monad Terrace, a flood-proof luxury condo tower on West Avenue between 13th and 14th streets in Miami Beach.
The $62.5 million is comprised of a $20 million loan from the Bank of Ozarks and $42.5 million from the Vanbarton Group.
Aside from the newly obtained $62.5 million in financial backing, the Miami Beach-based developer had already invested $40 million in equity just to secure these funds, according to what Michael Stern, founder of JDS Development, told the press.
The 59-unit Monad Terrace, which is the first building in Miami-Dade designed by the renowned French firm of Atelier Jean Nouvel, in collaboration with Kobi Karp Architecture and Design, will consist of two towers, of 14 and 7 stories, joined by a man-made lagoon surrounded by luxuriant vegetation.
The project will also become the first new tower on West Avenue to pass Miami Beach’s rigid elevation requirements, in order to appease the city’s increasing flooding and sea-level rise issues.
Stern told the press that the building’s bottom floor will stand 11 and a half feet above the ground, and the parking garage will have a “waterproof bathtub” that will make it flood-proof.
Units will range from two to five bedrooms and prices start at $1.7 million. And although exact numbers on the units that have been already sold at the Monad Terrace aren’t provided, Stern admitted to the press that several of the condos were already under contract.
The Monad Terrace is scheduled for completion by the third quarter of 2019.