Gencom Affiliate Closes On $300 Million Ritz-Carlton Key Biscayne Financing, Forms JV With Grand Bay Club
The partnership will unite the Hotel and Beach Club sites to create a 22-acre masterplan featuring over 1,200 linear feet of beach frontage.
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The partnership will unite the Hotel and Beach Club sites to create a 22-acre masterplan featuring over 1,200 linear feet of beach frontage.
Read on for the most popular news headlines this past week on CRE-sources.
The tenant currently occupies 50,328 square feet and renewed and expanded for an additional 37,500 square feet for a total of 87,828 square feet.
The project is nearing completion, with the West Tower fully topped out and slated for delivery at the end of 2025 and the newly launched East Tower targeting completion in 2027.
As the only hotel connected to the Miami Beach Convention Center, the 800-room hotel will dramatically increase the City’s ability to attract major national and international convenings.
Cushman & Wakefield’s Mark Gilbert, Adam Feinstein and Mitchell Halpern will lead marketing for the 563,000-square-foot retail center.
The JV completed the 71,000-square-foot retail project in 2024 and generated substantial leasing activity before the sale.
The project will deliver 14 studios, 35 one-bedroom units and 6 two-bedroom units.
The transaction included both a deed-in-lieu-of-foreclosure and a conventional sale supported by new financing.
Read on for the most popular news headlines this past week on CRE-sources.
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