WRE News: $120 Million Penthouse at Shore Club Sets Record in Miami

Miami Beach, FL – March 11, 2024 – The real estate market in Miami Beach is witnessing a historic deal as a penthouse in the Shore Club South Beach Private Collection is reportedly in contract for over $120 million. If the transaction goes through, it will set a new record for the most expensive condominium ever sold in the Miami area, surpassing the previous record of $60 million set in 2015 by hedge-fund billionaire Ken Griffin. The oceanfront penthouse, spanning approximately 10,500 square feet, is part of the Shore Club redevelopment project. The development, designed by Robert A.M. Stern Architects in collaboration with Kobi Karp, involves the transformation of two landmark hotels: The Shore Club hotel from the 1940s and the Cromwell Hotel, a 1930s Art Deco building. The project, comprising 49 private residences split between the original Cromwell Hotel and a new 200-foot tower, is expected to be completed in 2026. The development includes a stand-alone mansion facing the beach and a five-star resort operated by Auberge Resorts, while the penthouse features around 7,500 square feet of terraces and boasts a private rooftop pool. Sales for the Shore Club redevelopment began in early 2023, with prices ranging from approximately $6 million to about $40 million, excluding the penthouse.