N.Y.-based HFZ Capital plans major revamp of the Shore Club

Miami /
Feb.February 05, 2015 03:45 PM

The Shore Club in South Beach is about to undergo a major transformation, as New York-based HFZ Capital Group plans to turn the storied, oceanfront property into a five-star hotel and condominium.

Ziel Feldman, founder and chairman of HFZ, told The Real Deal that the firm’s plan is to revamp the 309-room hotel at 1901 Collins Avenue into 100 hotel rooms and 75 residences. The developers have brought in Isay Weinfeld, a Brazilian architect and designer, to lead the redesign, marking his first large-scale project in Miami. Enzo Enea will oversee the landscaping.

As a next step, Feldman said he soon plans to announce a deal to bring in a “five-star hotel brand” to elevate the property, HFZ’s first project in South Florida.

HFZ has submitted its plans to the city of Miami Beach, and is seeking approvals for the property, which was built in 1938.

“The buildings are in the historic district so you can’t tear the buildings down. You need to restore them, and our 21-story tower will potentially have a whole different look, with a facade and exterior.”

HFZ paid $175.3 million for the three-acre Shore Club property on December 30, 2013, and has been devising its plans ever since.

“It began three years ago,” Feldman said of the redevelopment. “Because of its iconic nature and location it became the one and only project we’re currently planning on doing there.”

Feldman, a former partner with Kevin Maloney in Miami-based Property Markets Group, founded HFZ in 2005. In New York, his group’s projects have included One Madison Avenue, Halcyon, the Marquand, the Chatsworth, the Astor and the Metro.

“We like to deliver luxury hotels and condos,” Feldman said. The project’s hybrid hotel/condo concept is the same found in South Florida at the Edition, Faena and the Four Seasons.

HFZ began launching sales for Shore Club condos during Art Basel Miami Beach, with Douglas Elliman as sales and marketing agents. Units range from one to three bedrooms, and prices start at about $2 million. Feldman said that already, about 20 percent of the building’s 75 residences are reserved. Buyers are mostly Northeasterners and foreign residents.

“I view it as the best located, high-end, luxury product on the beach.” he said. “It’s not too far downtown or South of Fifth, and not too far uptown.”

 

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