South Beach’s Monad Terrace secures $62.5M in construction financing: Expected to go vertical in March
Monad Terrace in Miami Beach secured $62.5 million in construction financing, JDS Development announced, paving the way for vertical construction to begin next year.
Construction is well underway at the anticipated but delayed project set to rise along West Avenue (just south of the Waverly) with the foundation soil mixing more than halfway complete. A VIP groundbreaking ceremony is planned for October 25, per Miami Luxury Homes.
Designed by Pritzker Prize-winning architect Jean Nouvel in collaboration with Kobi Karp Architecture and Interior Design, Inc, Monad Terrace is unquestionably among the most innovative projects in Miami’s condo pipeline.
Designed with climate change in mind, the 59-unit development will feature a naturally-filtered lagoon, a reinforced underground parking garage “likened to a concrete bathtub,” and will be constructed at about 14 feet above sea level, which blatantly exceeds Miami Beach’s new requirements.
Monad Terrace’s latest financing news comes on the heels of a rollercoaster summer that included a penthouse sale but also a foreclosure lawsuit, the latter being put on hold a few months later.
The new target for vertical construction is March 2018 with an estimated completion date slated for the third quarter of 2019. Pricing starts at $1.7 million.
By Josh Baumgard, Curbed Miami
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