Witkoff Group and Monroe Capital have successfully closed on a groundbreaking $430 million construction loan for the highly sought-after Shore Club Private Collection. This luxury development in Miami Beach is set to become one of the fastest-selling residential projects in the area’s history. The loan, financed by J.P. Morgan, is believed to be the largest ever for a residential construction project in South Florida.
The Shore Club Private Collection project has led Miami’s luxury condominium sales market since its launch. With prices per square foot consistently surpassing $5,000 and an average home selling over $20 million, it has set a new benchmark for luxury and exclusivity in the region. The confidence shown by J.P. Morgan’s investment in this record-breaking loan is a testament to the project’s immense potential and desirability.
Shore Club Private Collection draws inspiration from the vibrant history of Miami Beach’s Art Deco and modernist design while seamlessly integrating with its iconic oceanfront location. The development boasts 49 meticulously designed residences, envisioned by the renowned New York-based architectural firm Robert A.M. Stern Architects (RAMSA). Collaborating with Kobi Karp Architecture & Interior Design, RAMSA has created a harmonious blend of elegance and functionality to define the Shore Club experience.
The project includes The Tower, a stunning new 20-story building, and The Cromwell House, an exquisitely renovated Art Deco building initially completed in 1939. Additionally, The Beach House, an exceptional single-family beach house, will grace the development. This partnership between RAMSA, Kobi Karp, and the developers ensures that every aspect of Shore Club Private Collection embodies the pinnacle of architectural excellence and luxury living.
Shore Club Private Collection has joined Auberge Resorts Collection to create an unrivaled living experience. The development will include a 75-room Auberge hotel and an array of amenities such as a spa, beach club, restaurant, poolside cafe, bar, and outdoor lounge. The collaboration between Shore Club and Auberge Resorts Collection promises to deliver luxury hospitality, elevating the living experience for residents and guests alike.
Since sales commenced at the beginning of this year, Shore Club Private Collection has achieved remarkable success. Over two-thirds of the available units have already been sold, surpassing $550 million in sales. The average sale price exceeds $20 million, with units commanding prices exceeding $5,000 per square foot. Notably, the current record for per-square-foot pricing in Miami-Dade County was $5,800 for a condo at the esteemed Four Seasons-branded Surf Club development in Surfside last year.
With the record-breaking loan secured and sales momentum continuing to surge, Shore Club Private Collection is set to commence construction later this year. The completion of this highly anticipated development is expected in 2026, delivering an unparalleled living experience that seamlessly blends timeless design, exceptional amenities, and an iconic oceanfront location. Shore Club Private Collection is poised to become a new benchmark for luxury living in Miami Beach.