Record-Breaking Loan for Shore Club Private Collection Successfully Closed by Witkoff Group and Monroe CapitalJuly 28, 2023
Miami Beach is set to witness one of its most remarkable luxury developments in history as Witkoff Group, a prominent Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, announce the successful closure of a substantial $430 million construction loan for the Shore Club Private Collection. The project has already gained significant traction in the market, with sales reaching extraordinary heights since its late January launch, surpassing $550 million. Backed by financing from J.P. Morgan, this loan is believed to be the largest ever for a residential construction venture in South Florida. With two-thirds of the inventory already sold, construction is scheduled to commence later this year, and the development is expected to be completed in 2026.
Alex Witkoff, Co-Chief Executive Officer of Witkoff Group, expressed his excitement about this achievement, stating, “This record-breaking loan underscores the tremendous confidence the market has in Shore Club Private Collection. The project has been leading luxury condominium sales in Miami since its launch. We are setting a new standard in Miami Beach with prices per square foot consistently over $5,000 and the average home selling for more than $20 million. We’re thrilled to have reached these legendary milestones with such a prestigious investment partner as J.P. Morgan.”
Incorporating the rich history of Miami Beach’s Art Deco and modernism design style, Shore Club Private Collection will boast 49 residences masterfully crafted by the award-winning New York-based firm Robert A.M. Stern Architects (RAMSA). Known for their exceptional work on iconic New York City buildings like 220 Central Park South and its predecessor, 15 Central Park West, RAMSA’s expertise is set to redefine the luxury living experience in Miami Beach. The development is Nestled on three oceanfront acres. It will feature lush botanical gardens curated by renowned landscape architect Nathan Browning of Island Planning Corporation.
A genuinely groundbreaking endeavor, Shore Club Private Collection is the first residential oceanfront project to be designed inside and out by Robert A.M. Stern. The development is Comprised of three distinct components will include The Tower, a newly imagined Art Deco building initially completed in 1939, The Cromwell House, and The Beach House—a signature single-family beach house. Each component exhibits its own architectural distinction while maximizing the breathtaking vistas and natural light, delivering an unparalleled product in the Miami market. The interiors draw inspiration from yacht design, ocean waves, and the patterns of Miami’s coastline, enhancing the project’s overall vision. The architectural collaboration with Miami-based Kobi Karp Architecture & Interior Design further elevates the development’s grandeur.
The Tower, rising 20 stories, will offer two- to six-bedroom residences from 1,900 to more than 10,000 square feet. The homes will provide cinematic views of the Atlantic Ocean and stunning sunsets. Complete with private and semi-private elevators, The Tower promises exclusivity and luxury.
Preserving the eight-story historic Cromwell House, the developers are reinventing it as four premier residences, including three duplex residences and a penthouse. These homes, boasting four and five bedrooms, will feature two-story great rooms with dramatic double-height ceilings, creating a sense of grandeur and luxury. Meanwhile, The Beach House, occupying an enviable location as the only private home on Miami Beach’s oceanfront, will span 6,000 square feet and feature three outdoor spaces totaling over 2,180 square feet.
Auberge Resorts Collection collaborates in the visionary reinvention of the Shore Club Private Collection. While the residences will be serviced by Auberge, they will also offer privacy and seclusion within the five-star resort. Exclusive amenities and services for residents include a discreet porte cochere entrance, three separate swimming pools (including a private residential pool, a 75-foot lap pool, and a leisure pool), a state-of-the-art fitness center, a library, a lounge, and more. Renowned for its intimate tailored service, Auberge Resorts Collection will extend its world-class spa, concierge services, housekeeping, beach club, and exceptional culinary experiences to the residents. These extraordinary offerings include in-residence dining, house sommelier services, a signature restaurant, a poolside café and bar with dedicated cabana service, a double-height café and bar leading to an outdoor lounge, and many more enticing features.
The pricing for residences at Shore Club Private Collection starts at approximately $6 million, with sales and marketing efforts exclusively handled by Douglas Elliman Development Marketing, a reputable name in the real estate industry.
In conclusion, the collaboration between Witkoff Group, Monroe Capital, and J.P. Morgan has paved the way for an exceptional real estate project in Miami Beach. The Shore Club Private Collection sets new standards in luxury living and has already become a sensation in the market. With construction set to commence soon and completion scheduled for 2026, the development promises to redefine the essence of coastal living in South Florida, elevating luxury and exclusivity to an unprecedented level.