Proposal involves tearing down an existing tower and building a new high-rise in its place
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.