CLIENT NEWS: Shore Club PH in contract for over $120M, setting a condo price record in Miami-Dade

March 12, 2024

A penthouse at the planned Shore Club project in Miami Beach is reportedly in contract for more than $120 million, a sale that would set a price record for condos in Miami-Dade County — if and when it closes.

Witkoff and Monroe Capital are developing the Shore Club Private Collection, an Auberge Resorts Collection-branded condo and hotel project at 1901 Collins Avenue. Douglas Elliman is handling sales and marketing of the 49-unit development. Mansion Global reported that the unit is under contract to an unknown buyer.

The sale would close once the development is completed, which is expected in 2026. If it sells for at least $120 million, the 10,500-square-foot penthouse will have traded for more than $11,000 per square foot, also a record in Miami-Dade and likely statewide.

The penthouse will have about 7,500 square feet of terraces and its own rooftop pool.

Witkoff and Monroe in 2021 unveiled redevelopment plans for the Shore Club, a historic Art Deco hotel. Robert A.M. Stern Architects is working with the architect of record, Kobi Karp Architecture & Interior Design, on the project. The redevelopment of the Shore Club and the Cromwell Hotel, built in the 1930s, will also include a new 200-foot-tall tower.

Prices ranged from $6 million to about $40 million when sales launched more than a year ago.

Witkoff and Elliman declined to comment. Monroe Capital did not immediately respond to a request for comment.

Monroe took over the property as the lender for the previous developer, the now-defunct HFZ Capital Group. HFZ planned a Fasano-branded condo and hotel, but canceled the project and returned buyers’ deposits in 2017. Elliman also led sales of that development.

The sales team for the latest project includes Elliman agents Bill Hernandez, Bryan Sereny, Norma-Jean Callahan and Fredrik Eklund of the Eklund-Gomes team. Eklund is in contract to buy a unit for himself at the Shore Club.

The current price record for condos is held by a 2015 sale at Faena House in Miami Beach. Billionaire hedge fund manager Ken Griffin paid $60 million for two units, though it was reported at the time that it was one duplex unit. Griffin, who sold the condos at a loss for a total of  $46 million, never combined them. Griffin has since set other records in South Florida, including his purchase in 2022 of Adrienne Arsht’s former Coconut Grove estate for about $107 million. That sale set a record for single-family home sales in Miami-Dade County.

Condo pricing for new developments has soared across South Florida’s coastline, with developers and brokerages boasting of records that will be set once their projects are completed.

A penthouse at the planned Raleigh redevelopment near the Shore Club is asking $150 million. Michael Shvo is developing the Raleigh project with his partners. In the fall, Shvo said buyers at his project were paying $4,000 to $12,000 per square foot for units.

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