Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort
Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.
The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.
Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.
Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.
This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.
The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.
A Glimpse Into Miami’s Newest Architectural Marvel: The Residences at Mandarin Oriental, Miami
Miami’s skyline is about to welcome a new icon as The Residences at Mandarin Oriental, Miami, taking shape on Brickell Key. Designed by the renowned architectural firm Kohn Pedersen Fox and developed by Swire Properties, this 66-story tower is set to redefine luxury living in one of Miami’s most prestigious neighborhoods. Recently, a new rendering has been unveiled, offering a breathtaking perspective that highlights the building’s stunning architectural features and its seamless integration with the surrounding landscape.
The Residences at Mandarin Oriental, Miami, is more than just a building—they are a work of art. The tower’s design features undulating slabs on each floor, creating a dynamic and fluid appearance that evokes a sense of movement and flow. These undulating floors, paired with expansive glass terraces, give the building a distinctive profile that stands out in the Miami skyline. The glass railings extend seamlessly along the edges of the terraces, while the smooth, meticulously finished soffits below blend harmoniously with the curved design of the slabs. This combination of elements results in a sleek and transparent aesthetic that is as functional as it is visually striking.
The entrance to The Residences at Mandarin Oriental, Miami, is nothing short of grand. A prominent canopy with a textured underside greets residents and visitors alike, adding a touch of artistry and elegance. Supported by robust yet refined vertical columns, the canopy integrates seamlessly into the building’s overall design while enhancing its monumental presence. The ground level reveals an interior space adorned with stone finishes visible through the glass façade, adding an element of refinement and durability to the entry experience.
Rising 66 stories above Brickell Key, the tower’s subtly convex profile accentuates its height and elegance, creating a slender, towering silhouette that is visually striking from the ground level. The landscaping around the base of the tower is lush and organic, softening the transition between the natural environment and the built structure. This thoughtful integration of nature and architecture reinforces the building’s connection to its surroundings, making it a harmonious addition to the Miami skyline.
The Residences at Mandarin Oriental, Miami, have already made significant strides in both sales and construction. In just 30 days, Swire Properties USA and Fortune International Group successfully converted sale contracts valued at $150 million with close to $1 billion inn reservations—a testament to the strong demand for these luxury residences, even in what is traditionally a slow season for Miami real estate. The available units include a variety of 2, 3, 4, and 5-bedroom homes, catering to a diverse range of buyers. With the soft opening of the sales gallery, interested buyers have the opportunity to convert their purchases to contracts immediately, further solidifying the project’s momentum.
The Residences at Mandarin Oriental, Miami, will feature 228 residences, each with interiors designed by acclaimed Parisian designer Tristan Auer. These homes will offer panoramic vistas of Biscayne Bay and the surrounding cityscape, providing residents with breathtaking views that are matched only by the building’s luxurious amenities. True to the Mandarin Oriental brand, residents will enjoy legendary service and a wide array of world-class amenities, ensuring a lifestyle of unparalleled comfort and convenience.
Significant progress is also being made behind the scenes. An application for a new construction permit was filed in December 2023 and is currently under review by Pacifica Engineering. The permit outlines a structure that will yield 1,351,367 square feet of space, reach a height of 826 feet, and have an estimated total cost of $237 million. Moss & Associates LLC is listed as the general contractor, ensuring that this ambitious project is in experienced hands.
Although the project is being marketed as 500 Brickell Key Drive, the permit lists 750 Claughton Island Drive as the official address. This location encompasses the southernmost tip of the island, a 2.42-acre site where Brickell Key Park is currently situated. Additionally, another permit is under review for the new Mandarin Oriental Hotel at 500 Brickell Key Drive, which will rise 339 feet across 27 stories and include a variety of lodging units, condo-hotel units, and multi-family units, along with a multi-story parking garage.
As construction progresses and sales continue to surge, The Residences at Mandarin Oriental, Miami, are poised to become one of the city’s most coveted addresses. With its striking design, luxurious interiors, and world-class amenities, this tower represents a new chapter in Miami’s ever-evolving architectural narrative—a chapter that promises to set new standards for luxury living in the Magic City.
Unlocking Miami’s Last Frontier: The Bold Vision for Watson Island
Building in metropolitan Miami has long been a balancing act between nature and urban expansion. Hemmed in by the lush Everglades to the west and south, and the Atlantic Ocean to the east, Miami’s land has always been a precious commodity. Now, developers have set their sights on one of the city’s last undeveloped frontiers: Watson Island.
Watson Island, a mostly undeveloped, city-owned stretch of land sitting in Biscayne Bay, has long eluded developers. Despite its prime location just east of downtown Miami, accessible only via the MacArthur Causeway, the island has remained mostly barren. But now, Merrimac Ventures and BH3 Management are proposing a transformative mixed-use project that could finally unlock the island’s potential.
“This is the most underutilized, rare opportunity that exists in all of Miami,” says Greg Freedman, co-CEO of BH3 Management. His words resonate with the urgency and excitement that the proposal has sparked across Miami. In November, the city’s voters will decide whether to move forward with this ambitious plan—a plan that could put an end to decades of indecision and missed opportunities.
Watson Island has a rich history that dates back to Miami’s early days. It’s one of the man-made islands in Biscayne Bay, created through extensive dredging projects in the early 20th century. These projects, which drained and filled swampy lands, fueled Miami’s real estate boom and led to the construction of thousands of homes, roads, and even a railway. The island was deeded to the city in 1919 and was fully reclaimed by 1926, becoming a critical link between Miami and Miami Beach.
Over the years, other islands in Biscayne Bay have been transformed into luxury residential areas or key infrastructure projects. Brickell Key, Star Island, and PortMiami all emerged from similar origins, but Watson Island remained largely untouched, save for the Miami Children’s Museum and Jungle Island, which occupy just a fraction of its 86 acres.
The proposed development by Merrimac Ventures and BH3 Management envisions Watson Island as Miami’s newest neighborhood. The plan includes two hotels, 97,430 square feet of retail space, 100,350 square feet of boutique offices, and 105 condominium units. Additionally, the project would see upgrades to the seawall and boardwalk, infrastructure improvements, and the creation of a public park and promenade. The developers aim to create a vibrant, mixed-use community that will finally breathe life into the long-dormant island.
If the voters approve the proposal, the developers will enter a 99-year ground lease with the city and contribute $9 million toward affordable housing in Miami. The project also includes a commitment to hiring local workers, further embedding the development into the fabric of the community.
Foundation Pour Completed for Aria Reserve North Tower
Exciting progress is being made on the highly anticipated Aria Reserve development in Miami! The foundation pour for the 62-story Aria Reserve North Tower was successfully completed, according to a recent social media post by shell contractor L&R Structural Corp. This marks a significant milestone in the construction of one of Miami’s most luxurious and ambitious residential projects.
The foundation pour comes just a few weeks after the Miami Building Department issued the master construction permit for the North Tower on June 11. Construction cranes were promptly installed following the permit issuance, allowing the project to progress smoothly. The twin towers of Aria Reserve, each rising 62 stories or 649 feet, are set to redefine Miami’s skyline.
Aria Reserve is a twin-tower development, with each tower standing tall at 62 stories. The South Tower, which topped off in April, is a testament to the speed and efficiency with which this project is moving forward. Together, the two towers will offer approximately 743 luxury condos, providing residents with stunning views and top-tier amenities in the heart of Miami.
The Aria Reserve project is being developed by the esteemed Melo Group, a name synonymous with quality and luxury in Miami’s real estate scene. The architectural design is being crafted by the renowned firm Arquitectonica, known for their innovative and iconic designs that grace skylines around the world.
With the foundation pour now complete, the construction of the Aria Reserve North Tower will continue to rise, bringing this ambitious project closer to its final form. As the towers inch closer to completion, Miami residents and future condo owners alike are eagerly awaiting the day when Aria Reserve will open its doors, offering an unparalleled living experience in one of the most vibrant cities in the world.
Shoma Bay Elevates Miami Luxury Living with Rolls-Royce Perks and Unmatched Amenities
Miami is no stranger to luxury, but Shoma Bay, a new 24-story tower in North Bay Village set to open in 2026, is taking things to a whole new level. The latest project by Shoma Group is making waves not just for its stunning architecture or prime location off the John F. Kennedy Causeway but for an extraordinary amenity that’s sure to turn heads—a chauffeured Rolls-Royce Cullinan available to all residents. Yes, you read that right. Imagine having a Rolls-Royce at your beck and call to cruise around Miami in style. Let’s dive into what makes Shoma Bay the epitome of luxury living in the Magic City.
Shoma Bay isn’t just another high-rise; it’s a lifestyle destination designed to cater to the most discerning buyers. With 333 units ranging from one to three bedrooms, plus 10 exclusive penthouses, Shoma Bay promises to offer something for everyone looking for a luxurious place to call home. But what truly sets it apart are the unique amenities that go far beyond the typical offerings of high-end condos.
The crown jewel of Shoma Bay’s amenities is undoubtedly the Rolls-Royce Cullinan—a vehicle synonymous with elegance and sophistication. Residents will have access to this chauffeured luxury SUV for trips within a 10-mile radius, including key locations like Miami International Airport, the Bal Harbour Shops, and the Miami Design District. It’s a perk that redefines convenience and luxury, ensuring that every outing is a memorable one.
Stephanie Shojaee, one half of the power couple leading Shoma Group, explains, “We offer residents access to a bespoke Rolls-Royce to enhance the luxurious lifestyles they will experience at Shoma Bay. This kind of amenity goes beyond traditional luxurious features such as high-end appliances or premium finishes.”
Shoma Bay is all about creating an environment where residents can live their best lives. The development features a wide range of amenities that cater to various aspects of luxury living:
Pet Spa: Because your fur babies deserve the best too.
Golf Simulator: Perfect for channeling your inner Tiger Woods without leaving the building.
Zen Garden: A peaceful retreat where you can relax and unwind.
Wine Club: Elevate your happy hours with curated selections and exclusive tastings.
And if that’s not enough, Shoma Bay is also set to include what might be the most luxurious Publix in Florida, along with a rooftop lounge offering stunning views and a place to socialize with neighbors.
The integration of high-end brands like Rolls-Royce into real estate developments is a growing trend, especially in markets like Miami, where affluent buyers are looking for more than just a place to live—they’re looking for a complete lifestyle experience. As the first Latina U.S. ambassador for Rolls-Royce, Stephanie Shojaee sees this collaboration as a natural extension of Shoma Group’s commitment to luxury.
While the Rolls-Royce Cullinan might seem like the ultimate amenity, Shoma Group has hinted that more surprises are in store. One highly anticipated feature is a distinguished high-end restaurant, though the name remains under wraps for now. This, combined with the development’s other luxurious offerings, ensures that Shoma Bay will be a landmark of opulence in Miami.
With units starting at $750,000, Shoma Bay is positioning itself as one of Miami’s most desirable addresses. Whether you’re drawn to the idea of having a Rolls-Royce at your disposal, the array of exclusive amenities, or simply the chance to be part of a community that celebrates luxury, Shoma Bay offers an unparalleled living experience.
The Future of Inter Miami: Miami Freedom Park
As the anticipation builds for the 2026 MLS season, soccer fans in Miami have a lot to look forward to with the upcoming opening of Miami Freedom Park, the new home of Inter Miami CF. While the stadium is still under construction, the project received a significant boost from the State of Florida, further solidifying its importance to the local community and beyond.
Governor Ron DeSantis made headlines recently with an announcement at Inter Miami’s temporary home, Chase Stadium in Fort Lauderdale. The governor revealed that the State of Florida would be granting $8 million to Miami-Dade County to support infrastructure improvements around the new stadium site. This funding is earmarked specifically for constructing roadways that will alleviate traffic congestion, an essential consideration given the stadium’s proximity to Miami International Airport.
The governor’s remarks highlight the state’s strategic approach to supporting large-scale projects like Miami Freedom Park. While direct funding for the stadium’s construction isn’t on the table, the investment in infrastructure underscores the state’s commitment to ensuring the success of such ventures.
Miami Freedom Park isn’t just about soccer; it’s a vision for a multifaceted community space that includes a 26,700-seat stadium, a 58-acre park, hotels, offices, retail, and entertainment venues. Inter Miami managing owner Jorge Mas emphasized this broader vision during the announcement, calling the project “transformational” for Miami.
The project is set to create over 13,000 direct and indirect jobs and generate more than $40 million in tax revenue for state and local governments. In addition to the stadium, the project promises to deliver the largest park in the City of Miami, offering a significant recreational space for residents.
The journey to Miami Freedom Park has been a long and challenging one for the Mas brothers and co-owner David Beckham. After years of political hurdles and delays, the City of Miami finally approved the $1 billion project in April 2022. The stadium is being built on the site of the former Melreese Golf Course, a location that will soon transform into a vibrant hub for sports and entertainment.
Inter Miami CF has already made waves in the soccer world, especially with the signing of Argentine superstar Lionel Messi. The arrival of Messi, along with other top talents like Sergio Busquets and Jordi Alba, has catapulted the team into the global spotlight, raising expectations for what lies ahead.
Governor DeSantis acknowledged the impact of these signings, noting, “What we’ve seen in soccer in South Florida has been incredible, especially when they brought Messi on. That was like the biggest thing ever, having a global superstar like that right here is a really big deal for our community.”
As Miami Freedom Park nears completion, the excitement continues to build. With its opening scheduled for the 2026 MLS season, the stadium will not only serve as the new home for Inter Miami but also as a key venue for the 2026 World Cup, which the United States will co-host. The future looks bright for soccer in Miami, and Miami Freedom Park is set to be at the heart of it all, driving both the sport and the local economy to new heights.
Miami Dade’s Water and Sewer Department has recently agreed to provide utilities for additional units beyond what was initially planned for M-Tower, a 57-story residential building situated at 56 Southwest 1st Street in downtown Miami. This revision reflects a growing demand for residential space in the heart of Miami, and the project aligns with the city’s vision for urban development.
In early July, a revised utility agreement was recorded, now stating that the M-Tower development will encompass 765 apartments, 4,708 square feet of retail space, and 5,000 square feet for a full-service restaurant. This is a notable increase from the previously planned 675 apartments, adding 90 more units to the development.
This increase in density highlights the growing demand for residential spaces in downtown Miami. The city’s vision for urban development is further realized through such projects, encouraging more people to live in the city center and fostering a vibrant urban community.
M-Tower is being developed by Lions Group NYC and Fortis Design + Build, operating under Downtown 1st St LLC. The tower, designed by Nichols Architects, will rise 57 stories across the sites at 56 and 70 Southwest 1st Street, near Miami’s Government Center. The project also involves Naturalficial as the landscape architect and Kimley-Horn as the civil engineer.
A key feature of M-Tower is its public parking garage, which will offer nearly 700 spaces, alongside commercial and retail spaces at the ground floor level. The building’s design and amenities aim to enhance the overall streetscape and living experience for residents.
The residential units within M-Tower will offer a mix of studio, one-bedroom, and two-bedroom apartments. The ninth floor is set to host an array of amenities, including a landscaped outdoor deck featuring two pools. Additionally, the project will incorporate integrated art murals for the eight-story parking garage, selected by the Miami Parking Authority, adding a cultural touch to the structure.
The Federal Aviation Administration (FAA) approved permits for M-Tower in early July, allowing the building to reach 605 feet above ground or 615 feet above mean sea level. These permits, approved on July 2, 2024, are valid until January 1, 2026.
Total demolition permits have already been approved and issued for the sites at 56 and 70 Southwest 1st Street. The BG Group LLC is listed as the contractor for this demolition work, estimated to cost approximately $505,000. The site previously housed a 56-year-old municipal parking garage, which will be demolished to make way for the new development.
The expansion of M-Tower marks a significant step in addressing Miami’s growing residential needs. With its modern design, strategic location, and comprehensive amenities, M-Tower is set to become a landmark in downtown Miami’s urban landscape. This project not only caters to the increasing demand for residential units but also contributes to the city’s vision of a dynamic and integrated urban community.
The Crosby Miami Worldcenter Construction Update
The 33-story Crosby Miami Worldcenter has reached a significant milestone, topping off according to Beauchamp Construction Co. This achievement marks the completion of the building’s structural framework, and a celebration was held on July 19th to commemorate this event.
The journey of the Crosby Miami Worldcenter began with its groundbreaking in January 2023. Now standing tall at a permanent height of 390 feet, this impressive tower is set to become a prominent feature of Miami’s skyline. The building boasts a variety of features that promise to enhance the living experience for its residents:
450 Condo Units: These units are designed to allow short-term rentals, providing flexibility and potential income for owners.
22,000+ Square Feet of Amenities: The extensive amenities include a range of recreational and leisure facilities to cater to the needs of residents.
Rooftop Bar and Restaurant: Offering stunning views of the city, the rooftop bar and restaurant are set to become popular spots for both residents and visitors.
3,370 Square Feet of Retail Space: This retail space will add to the convenience of residents, providing easy access to various shops and services.
In a testament to its appeal, all units in the Crosby have already been sold. This rapid sell-out highlights the high demand for luxury living spaces in prime locations within Miami.
Despite the absence of a new parking garage within the building, residents of the Crosby will have access to parking facilities elsewhere in the Worldcenter. This arrangement ensures that convenience and accessibility remain top priorities for those living in the tower.
The topping off of the Crosby Miami Worldcenter marks a significant step in its development, bringing it closer to its final completion. With its array of amenities, strategic location, and luxurious living spaces, the Crosby is set to become a sought-after residence in Miami. As the building continues to take shape, it promises to deliver an exceptional living experience in the heart of the city.
Milestone Reached: Glass Installation Begins on Oasis Hallandale’s West Tower
The construction of Oasis Hallandale has reached a significant milestone with the commencement of glass installation on the West Tower. This marks a key point in Phase 3 of the project, as this mixed-use development continues to shape the skyline of Hallandale Beach.
Located at 1000 East Hallandale Beach Boulevard, Oasis Hallandale is a comprehensive mixed-use development spread across a sprawling 10-acre site. The 25-story West Tower, part of the project, is designed by the renowned architectural firm Arquitectonica and spearheaded by developer Giuseppe Iadisernia. MGM Construction Group is managing the construction, ensuring the project’s vision is realized.
Recent construction photos reveal the extent of progress on the West Tower. The installation of floor-to-ceiling glass has reached the fourth floor, with 14 slabs already poured into the superstructure. This impressive vertical advancement has pushed the structure well past the halfway mark. Notably, the slabs on the tower’s northwest corner display chamfering that narrows toward the middle and expands again at the top. This design feature will enhance the tower’s curvature, as highlighted in the renderings, becoming more pronounced once the glass installation progresses further.
Simultaneously, significant progress is being made on the East Tower, with foundational work for the core currently underway. The formwork for the garage structure, set to connect the two residential towers and feature an amenity deck, is also advancing. Upon completion, the East Tower will contribute an additional 250 residential units, completing the residential program of the project.
The twin towers will offer a variety of modern floor plans, including one-, two-, and three-bedroom residences. Key features include floor-to-ceiling windows, glass sliding doors, expansive balconies with glass railings, walk-in closets, and powder rooms in select units. The interiors, designed by Domus Aurea Interiors, will feature Italian countertops and tiles in kitchens and bathrooms, double sinks in primary bathrooms, and frameless glass-enclosed showers.
Oasis Hallandale will offer a wide range of amenities designed to enhance residents’ lifestyles. These include valet parking, a 24-hour lobby attendant, business and conference rooms, a lounge bar with pool tables, and a banquet hall. The development will also feature a golf simulator, children’s playroom, indoor and outdoor movie theaters, two pools, a hot tub spa, a children’s splash pad, and poolside cabanas. Additional amenities include a playground, barbecue and fire pit areas, a yoga lawn, a Ping-Pong room, a mini soccer field, a pet park, bike parking, electric vehicle charging stations, and storage facilities.
With Phases 1 and 2 already completed, Phase 3 of Oasis Hallandale is making steady progress. The project is on track to reach full completion by 2026, promising a vibrant and luxurious living experience in the heart of Hallandale Beach.
Four Seasons Private Residences Coconut Grove Construction Update
The highly anticipated Four Seasons Private Residences Coconut Grove is making significant strides towards becoming a new landmark in Miami’s luxury real estate scene. The developers, CMC Group and Fort Partners, recently finalized a deal to connect the upcoming 20-story tower to Miami-Dade’s water and sewer system, a crucial step in the project’s progression.
The construction permit application for this new addition to Coconut Grove’s skyline was submitted in December and is currently under review. Once completed, this will be the first standalone Four Seasons residences in Florida, marking a significant milestone for the brand in the state.
In a notable move, the developers launched sales for the 70 residential units in April, bypassing the traditional reservation stage. The response was immediate and enthusiastic, with buyers going straight to contract, underscoring the strong demand for these exclusive properties.
The residences will offer a range of options from two- to four-bedroom units, with sizes reaching up to 3,980 square feet. For those seeking even more space and luxury, four penthouse residences are available, ranging from nearly 6,430 to a sprawling 9,690 square feet. Each unit will feature private elevators and 11-foot ceilings, providing an unparalleled sense of space and privacy.
The design of the Four Seasons Private Residences Coconut Grove is in expert hands. Renowned Florentine designer Michele Bönan is overseeing the interior design, ensuring a sophisticated and timeless aesthetic. The architectural vision is led by Miami-based architect Luis Revuelta, known for his innovative and elegant designs.
As this project moves closer to realization, it promises to set a new standard for luxury living in Miami. With its prime location, world-class design team, and the prestigious Four Seasons name, these residences are poised to become a sought-after address in Coconut Grove.
For potential buyers and investors, the opportunity to own a piece of this exclusive property is both a lifestyle and an investment opportunity. Stay tuned for more updates as this exciting project continues to take shape.
