Famed Jockey Club to be Transformed into Luxury Development
- Jan 07, 2016
Hackensack, N.J.—More luxury is coming to Miami with the transformation of the legendary social club, Jockey Club, which is getting a 1 million-square-foot luxury residential and hotel development called Apeiron at the Jockey Club thanks to a $21 million loan from Hackensack-based private lender, Silver Arch Capital Partners.
The company completed the funding for the proposed project with the two-year loan obtained by Apeiron Miami LLC, a partnership headed by Ritz Carlton Group Co-Founder & former President Horst Schulze, former Chairman of HBA International Michael Bedner, and former Vice President of Related International Muayad “Mo” Abbas. David Larson, associate director of Newmark Grubb Knight Frank (NGKF) Capital Markets brokered the transaction.
“Both development and lending teams were able to come together to realize the extraordinary opportunity in the Jockey Club, a project that will once again be a preeminent Miami destination,” Larson said.
The site for this project is the remaining undeveloped portion of the Jockey Club located directly on Biscayne Bay at 1111 Biscayne Blvd. The three existing condominium buildings, Jockey Club 1, 2 and 3, were developed in the 1970s and ‘80s.
The funding will be used for development “soft costs,” including engineering, architecture and planning for the two-phase, mixed-use project. Phase one consists of a state-of-the-art, 41-story tower planned to house 120 residential condominium units and a 90-room hotel, and will include a restaurant, fitness center and other amenities. The initial phase will also include construction of a 417-space, two-story parking structure and the reconstruction of an adjacent 38-slip marina. The second phase will be a residential condominium building with 120 total units and a 346-space parking structure.
The project comes at a time of significant economic and development growth in Miami. “Growth in Miami, Miami Beach and Kendall markets continues, with employment expanding into record territory, including strong growth in finance and manufacturing jobs,” said Jeffery Wolfer, president & CEO of Silver Arch Capital. “Tourism and rebounding in-migration are also driving the market’s retail landscape, with additional jobs resulting from that trend. Construction and real estate have benefitted from the heightened demand for condominium high-rises, and this project is clearly designed to help meet that strong and growing demand.”
Photo courtesy of PRNewsFoto/Silver Arch Capital