W
itkoff Group and PPG Development secured a $273 million construction loan from J.P. Morgan and BDT & MSD Partners to develop Shell Bay, a 150-acre mixed-use luxury condo and hotel project in Hallandale Beach. The property at 501 Diplomat Parkway will feature an Auberge-branded condo and hotel, a Greg Norman-designed private golf course, and a 48-slip marina on the Intracoastal Waterway.
The project includes a 20-story, 108-unit condo tower and a 21-story, 60-key Auberge hotel, both expected to be completed in 2027. The condo component is roughly 50 percent presold, with an average price per square foot of $2,000, which would set a record for Hallandale Beach once completed.
The development will also feature amenities such as food and beverage outposts run by Michelin-starred chef Julien Jouhannaud, a pool and spa, fitness center, and children's amenities. The Norman-designed golf course includes a 12-acre practice facility, tennis courts, and other recreational spaces.
PPG Development purchased the property for $43.3 million in 2018, and Witkoff Group formed a joint venture with PPG to secure financing for the project. The developers are also working on redeveloping the Banyan Cay Resort site in West Palm Beach and have secured construction financing for their Shore Club condo and hotel project in Miami Beach.
The loan is one of several large construction financings secured recently in South Florida, including a $527 million loan for Related Group's St. Regis Residences in Brickell.
