MIAMI BEACH, Fla. — After his try to full Las Vegas’ Fontainebleau resort fizzled out, developer Steve Witkoff unveiled some unusual ventures in Florida this twelve months.
And one is attain a acquainted identify.
Witkoff’s eponymous precise estate agency has drawn up plans to redevelop the Shore Club in Miami Seaside. The shuttered resort has reportedly been closed for the explanation that pandemic hit and is set 2 miles from the enduring Fontainebleau Miami Seaside, whose proprietor reacquired the one on the Strip from Witkoff early this twelve months.
The Shore Club and the Fontainebleau are every on Collins Avenue, a resort-lined thoroughfare that runs parallel to the seashore in this well-known celebration town.
Witkoff’s firm is having a detect to break parts of the Shore Club advanced, scale again the alternative of resort objects, and create a residential tower, basically based on plans filed this descend with the metropolis of Miami Seaside.
The proposal follows the July announcement that Witkoff and Monroe Capital had teamed up to place shut a dilemma of land in downtown Miami for $94 million.
The traders did now not teach in the delivery what they intend to create. But they eminent the 4.7-acre location — positioned attain a impart dilemma, a pro basketball enviornment and loads of high-rises — has zoning that lets in for 60-plus stories and a combination of residential, hospitality and commercial uses.
Witkoff beforehand owned one of Las Vegas’ tallest buildings, buying for the Fontainebleau on the Strip in 2017. The $600 million deal raised the probability that the unfinished resort-casino — a towering reminder of Southern Nevada’s frenzied precise estate instruct and devastating fracture — would in the end originate.
He unveiled a unusual identify and plans to originate the high-rise nevertheless suspended construction final twelve months amid the early chaos of the pandemic.
In a pudgy-circle moment, the Fontainebleau’s usual developer, Jeffrey Soffer, bought the skyscraper in February from Witkoff through a project that lets folk steer some distance from foreclosure, property data display hide, and announced plans final month to originate the 67-memoir challenge in 2023.
A pair of makes an attempt to acquire feedback from Witkoff’s agency for this memoir had been unsuccessful.
Witkoff, who has a protracted ancient past of buying for and creating precise estate in Restful York City and completely different markets, is rarely any stranger to South Florida.
He told the Review-Journal in spring 2019 that he lives in Miami. His firm, identified simply as Witkoff, lists an administrative center in Miami, and his past initiatives embody the 231-room Hilton Cabana Miami Seaside.
Soffer, meanwhile, bought the 1950s-expertise Fontainebleau in 2005 and unveiled plans for the one on Las Vegas Boulevard that identical twelve months, teaming with aged Las Vegas casino govt Glenn Schaeffer on the challenge.
They broke ground in 2007. But soon sufficient, the roaring precise estate market crashed, the economic system imploded, and the Fontainebleau’s builders sued several banks in spring 2009, alleging the “unscrupulous” lenders backed out of their dedication to finance construction of the multibillion-greenback resort.
Without the further funds, the challenge “can’t be performed and might maybe well honest now not ever originate,” the builders warned.
Las Vegas’ Fontainebleau went bankrupt in mid-2009. Billionaire Carl Icahn bought it in 2010 for round $150 million and offered it several years later for quadruple his bewitch tag to Witkoff and partners.
In early 2018, Witkoff unveiled the resort’s unusual identify, Drew Las Vegas, and anticipated opening in boring 2020. He later pushed the debut to 2022 and acknowledged early final twelve months that he became shut to obtaining a roughly $2 billion construction mortgage for the challenge.
But in March 2020, as Las Vegas suddenly shut down over fears of the coronavirus outbreak, he suspended construction.
Soffer, proprietor of Florida-basically based Fontainebleau Style, teamed with the precise estate cruise of Kansas conglomerate Koch Industries to reacquire the property.
Last month, he spoke at a media occasion on the newly renamed Fontainebleau Las Vegas.
“It’s impact of a loopy memoir,” Soffer told the target audience, “nevertheless I’m attend.”
Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.