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Jeffrey Soffer’s Fontainebleau Development scored $72.8 million to finish a convention center at its iconic, eponymous Miami Beach resort, property records show.
The 50,000-square-foot facility is being erected on a 1-acre lot at 4360 Collins Avenue, just south of Fontainebleau’s condo component. The five-story convention center and the MiMo-style hotel, which anchors the entire complex, will be connected through a skybridge.
Construction got underway last fall and is scheduled to be completed in 2025. The loan from Goldman Sachs (GS) amounts to a maximum of $72.8 million, with the funds being disbursed incrementally under certain conditions, according to mortgage documents.
“The investment will allow us to deliver a best-in-class meeting and event center to meet the needs of the growing South Florida market for business and leisure events,” Brett Mufson, president of Fontainebleau Development, said in a statement. A representative for Fontainebleau would not comment on the terms of the financing.
The plans for new space include two dividable ballrooms, 10 breakout rooms and a 9,000-square-foot rooftop deck, according to Fontainebleau Development. The Aventura-based developer acquired the parcel in 2005 for $13 million when the site was a parking lot, property records show.
The convention center marks the latest addition to The Fontainebleau Miami Beach, which was completed in 1954 and remains one of the largest hotels in the Miami area, featuring 1,504 rooms. In 2008, the owner completed a $1 billion renovation.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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