$22M Loan Lifts Undulating Mixed-Use Development in South Beach

Banesco USA has completed a construction loan in the amount of $22.3 million for development of a mixed-use project in the South Beach neighborhood of Miami Beach, FL. The venture partners are Finvarb Group and Chahine Investment Corp.

The property at 1685 Washington Avenue will include a 150-room full-service Thompson Hotel by Hyatt, restaurant and retail spaces. Its location is steps from the popular shopping and nightlife destination, Lincoln Road, and a couple of blocks from the sands of Miami Beach. The subject site sits catty corner to the Fillmore Miami Beach at Jackie Gleason Theater and the expanded 1.2 million square foot Miami Beach Convention Center.

The building was designed by French architect Rudy Ricciotti, and consists of undulating balconies that curve and protrude sporadically for an art-inspired façade. A rooftop restaurant, swimming pool, and deck area look out to Soundscape Park and the New World Symphony building designed by Frank Gehry.