Witkoff and Monroe Capital unveil major redevelopment plan for the Shore Club in Miami Beach
Proposal involves tearing down an existing tower and building a new high-rise in its place
UPDATED, Nov. 15, 5:40 p.m.: After acquiring ownership of the Shore Club in Miami Beach, Witkoff and Monroe Capital are planning a massive makeover for the historic property.
The joint venture is seeking to tear down a 20-story tower and two-story cabanas built in 1998 on the east side of the property at 1901 Collins Avenue, according to plans submitted to the city of Miami Beach. New York-based Witkoff and Chicago-based Monroe Capital would replace the David Chipperfeld-designed buildings with a new 17-story high-rise divided into 54 residences and 50 hotel rooms, the plans show.
A spokesperson for Witkoff and Monroe Capital did not immediately respond to a request for comment on the price the partnership paid to acquire the Shore Club from New York-based HFZ Capital Group. The financially troubled New York-based firm had listed the iconic property, featuring Miami Modern architecture, in December of last year. The hotel has been closed since the onset of the pandemic.
According to state corporate records, on Sept. 28 three Witkoff executives were named the authorized signatories of the ownership entity Shore Club Property Owner LLC.
Witkoff and Monroe Capital also recently partnered to acquire the downtown Miami site of the former Marriott Marquis Miami Worldcenter Hotel for $94 million.
The Shore Club proposal, filed with the city on Monday, states the existing pool deck and an eight-story building designed by Chicago architect Melvin Grossman, and completed in 1955, also would be torn down. The four-story Shore Club and the adjacent eight-story Cromwell Hotel, which are historically designated structures, would be renovated to their original conditions, according to the plans.
The proposal requires approval of the Miami Beach Historic Preservation Board. Witkoff and Monroe Capital retained Heritage Architectural Associates to serve as the project’s historic preservation consultant. The lead architect is historic preservation specialist Robert A.M. Stern, and the local architect is Kobi Karp Architecture & Interior Design.
The revamped Shore Club would be transformed into a private residential resort and boutique hotel with a lush botanical landscape, according to a press release. The entire project would have 80 residences and 65 hotel suites with the Cromwell building converted to all residential. The new tower and the Cromwell would be connected with a shared lobby, the plan shows.
In addition to the tower, Witkoff and Monroe Capital want to build a 6,258-square-foot private villa, three pool decks for residential and hotel use, a remodeled exterior dining area and an exterior cafe.
HFZ Capital Group had intended to redevelop the Shore Club into a condo-hotel and had signed luxury Brazilian hospitality brand Fasano to manage the project. But in 2017, the developer canceled its plan, returned deposits and ended its contract with Fasano due to a slow condo market.
HFZ has also been entangled in various lawsuits, including a 2019 complaint by Fasano alleging the developer had not met conditions to forgo paying a $6 million termination fee. In June, HFZ won a Miami-Dade Circuit Court ruling that determined it is off the hook for the payment.