Record-Breaking Sale: Penthouse at Miami Beach’s Shore Club Project in Contract for Over $120 Million
March 15, 2024
Reports indicate that a penthouse at the highly anticipated Shore Club project in Miami Beach has been placed under contract for more than $120 million, potentially setting a new price benchmark for condominiums in Miami-Dade County, pending closure of the deal.
Developed by Witkoff and Monroe Capital, the Shore Club Private Collection is a joint venture featuring an Auberge Resorts Collection-branded condo and hotel development at 1901 Collins Avenue. Douglas Elliman is handling sales and marketing for the 49-unit project, and Mansion Global disclosed that the specific unit in question is currently under contract to an undisclosed buyer.
The transaction is slated to be finalized upon the completion of the development, which is projected to occur in 2026. Should the sale surpass the $120 million mark, the sprawling 10,500-square-foot penthouse will have achieved a price exceeding $11,000 per square foot, setting a new record for Miami-Dade County and likely for the entire state of Florida.
This penthouse offers approximately 7,500 square feet of terraces and its own rooftop pool; it epitomizes luxury living at its finest. Witkoff and Monroe Capital unveiled redevelopment plans for the historic Shore Club, an Art Deco gem, in 2021. Collaborating with Robert A.M. Stern Architects and the architect of record, Kobi Karp Architecture & Interior Design, the project will encompass the revitalization of the Shore Club and the Cromwell Hotel, initially constructed in the 1930s, along with the addition of a striking new 200-foot-tall tower.
Sales for the Shore Club project commenced over a year ago, offering units ranging from $6 million to approximately $40 million. Witkoff and Elliman declined to comment on the pending transaction, while Monroe Capital did not respond immediately to requests for comment.
Monroe Capital’s involvement stemmed from assuming ownership as the lender for the previous developer, the now-defunct HFZ Capital Group. HFZ had initially planned a Fasano-branded condo and hotel but abandoned the project, refunding buyers’ deposits in 2017, with Elliman also overseeing sales for that development.
The sales team for the current project includes prominent Elliman agents such as Bill Hernandez, Bryan Sereny, Norma-Jean Callahan, and Fredrik Eklund of the Eklund-Gomes team. Eklund himself is reportedly in contract to acquire a unit at the Shore Club.
The existing record for condo sales in Miami Beach dates back to 2015 when billionaire hedge fund manager Ken Griffin purchased two units at Faena House for $60 million. Griffin’s subsequent sale of the units at a loss, totaling $46 million, did not involve their consolidation. Griffin has since made headlines in South Florida’s real estate market, notably with his acquisition of Adrienne Arsht’s former Coconut Grove estate for approximately $107 million in 2022, setting a record for single-family home sales in Miami-Dade County.
The surge in condo pricing for new developments along South Florida’s coastline underscores the region’s enduring appeal, with developers and brokerages eagerly anticipating record-setting transactions upon project completion. Nearby, the planned Raleigh redevelopment is currently listing a penthouse for a staggering $150 million as Michael Shvo and partners lead the development. Reported unit prices range from $4,000 to $12,000 per square foot.
