JDS Development Group, New Valley, Ackerman Development and Mink Development have landed a $137m from Madison Realty Capital to build a 14-story condominium project. Monad Terrace will house 59 units. The companies spent more than $51m assembling the 14-parcel development site between 2015 and 2016. The waterfront residence will be the first condo project in Miami Beach to be built above revised flood and sea level elevations. The foundation of the tower is nearly complete, with construction expected to go vertical this spring and completion slated for fall of 2019. JLL placed the financing, which will fully capitalize the project.
“Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity. This product is like nothing else in Miami Beach,” said Michael Stern, founder and managing partner of JDS Development.
