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.
Source: Commercial Observer