Fort Capital Management has acquired the Surf Club Apartments next to the Surf Club it owns in Surfside for $36 million.
The Miami company plans to tear down the building, a cooperative of 30 unit owners, Daily Business Review reported. It paid $116 million for the Surf Club in 2012. Development plans have not been finalized, but Fort Capital is expected to either annex the apartment building into the Surf Club property or redevelop it independently.
Fort Capital is converting the Surf Club into a luxury hotel-condo complex.
Operational since 1930, the Surf Club has hosted celebrities and dignitaries ranging from Winston Churchill to singer Tony Bennett. [Daily Business Review] — Eric Kalis