Witkoff and Monroe Capital have secured a USD 302.6 million construction loan for the development of a multifamily building in Downtown Miami, according to real estate records. The financing for this development was provided by Athene Annuity and Life Company, part of Apollo Global Management, and J.P. Morgan Chase.
The planned high-rise is expected to comprise approximately 890 residential units and around 15,000 square feet of ground-floor retail space. The project's location is 700 North Miami Avenue, strategically situated between the MiamiCentral station and the 27-acre Miami Worldcenter master development, as a source familiar with the plans stated.
Athene and J.P. Morgan Chase have increased an existing loan with outstanding debt of USD 57.3 million by USD 245.3 million, the source told Commercial Observer. This construction loan represents the first phase of a broader mixed-use project.
Comprehensive Development and Site History
As early as 2022, Witkoff and Monroe Capital submitted plans for the construction of 2,195 residential units, 540,000 square feet of office space, and 50,000 square feet of retail space, distributed across three towers. The 4.7-hectare undeveloped site was acquired the previous year by the joint venture for USD 94 million. This site once housed the Miami Arena, home to the NBA team Miami Heat, before its demolition in 2008.
This development is the second joint project between New York-based developer Witkoff and Chicago-based Monroe Capital. On the other side of Biscayne Bay, in Miami Beach, the partners are developing the luxurious oceanfront apartment project Shore Club, where a penthouse is under contract for USD 120 million. Alex Witkoff, the son of founder Steve Witkoff, leads the company, after his father was appointed Special Envoy by President Donald Trump in 2025.
