$180 Million Dineros Infuse Shore Club Luxe Redux
February 24, 2015 - The Shore Club, Beyonce and Jay-Z’s favorite South Beach party hotel with a penthouse pool on top, just received a $185 million refinancing transfusion from The Banco Inbursa, a Mexico-based bank owned by Carlos Slim. Carlton Group, an international real estate investment firm, arranged the deal, says Globe Street. This steps up present developer Ziel Feldman’s New-York-based HFZ Capital Group’s plan to transform the infamous South Beach tri-tower on 1901 Collins Avenue into a five-star luxury hotel and condominium. HFZ plans to restructure the existing 309 rooms into 100 hotel suites and 85 condo residences, as well as bring in a five-star hotel brand.
Back Story: The Shore Club, a Streamline deco gem, was originally built in 1938. Reinvented in 1997 as a Philips Hotel by New York developer Philip Pilevsky (ex-Ian Schrager moneyman), the ambitious 2.7-acre project attached its next-door neighbor, the Sharalton hotel, to become the largest oceanfront boutique hotel in South Beach at the millenium. Designed to museum perfection by British modernist architect David Chipperfield, the Shore Club attracted star tenants Scoop boutique and Robert de Niro’s Nobu and Ago, hotspots that ensured an unending glissade of celebrities and supermodels.
When Schrager’s Morgans Hotel Group took over the hotel’s management years later, the Shore Club pool and gardens were revised to echo Yves St. Laurent’s exotic Marrakech mansion, Jardin Majorelle. Think blue. However, over time, with Ago gone and Red Room nightclub closed, occupancy slowed. With the economic downturn, traffic dwindled until 2013 when foreclosure loomed. Pilevsky’s vast real-estate development company, Philips International, which also owns Manhattan’s Bryant Park Hotel, then sold the Shore Club to Feldman’s HFZ for $175.3 million. (Philips paid $8.8 million in 1997.)
To create his vision of the new Shore Club, Feldman has commissioned big-name Brazilian architect-designer Isay Weinfeld and Enzo Enea as landscape architect. These limited South Beach condos for sale went on the market early December 2014 during prime time -- Art Basel Miami Beach. Units are priced near $2 million up, i.e., a 764-square-foot one-bedroom with a 515-square-foot balcony lists for $1,663,200. A 1,969-square-foot three-bedroom with a 76-square-foot balcony goes for $3,714,500. To date, 20 per cent of the 85 residences have already been spoken for, says Director of Sales Jorge Sanchez. (A 10 per cent pre-construction deposit is required during the reservation phase.) Completion anticipated by Spring/Summer 2017. Let us know if you're interested and we'll set up a tour. Streamline 305.532.7368.
