The owners of the historic Shore Club in South Beach are planning an extensive overhaul that would reduce the number of hotel rooms, while adding residential units.
New York’s HFZ Capital and Fortress Investment Group own the property in a 50/50 venture. The partnership paid $175.3 for the hotel last year.
Under plans prepared by architect ADD Inc, the number of rooms would be reduced from 307 to 106, while adding 89 residential units. The historic Cromwell Hotel building, as well as a David Chipperfield-designed tower built in 1997 would be converted into residential condos. A new five-story amenities building is planned, while a parking garage would be built separately on adjacent property.
The developers are already accepting reservations on the condo units, at prices that range between $1,800 and $3,900 per square foot.
Miami Beach’s Historic Preservation Board took a preliminary look at the plans yesterday, but deferred a vote until a meeting next month.