Monad Terrace Secures Financing And Construction Advances

MIAMI, Oct. 16, 2017 /PRNewswire/ -- JDS Development, a real estate development, construction, and acquisition firm driven by an unmatched commitment to quality and innovation, today announced that is has secured $62.5 million in construction financing for Monad Terrace, its innovative residential project in Miami Beach. The project, located on West Avenue in the South Beach neighborhood, incorporates impressive climate resilience features that establish a new standard of excellence for the city -- exceeding new building codes and offering intelligent and beautiful design.  Monad Terrace was designed by Pritzker Prize-winning architect Jean Nouvel and the project will be his first built work in Miami. The project was designed in collaboration with Miami-based Kobi Karp Architecture and Interior Design, Inc.

The construction financing comprises a $20 million senior loan from the Bank of the Ozarks, and $42.5 million of mezzanine financing from VanBarton. Demonstrating their deep commitment to this project, JDS Development and its partner New Valley also injected fresh equity into Monad Terrace as construction advances. Construction is underway, with the foundation soil mixing more than 50% complete. The project is expected to go vertical by March of 2018, with estimated completion in third quarter of 2019.

"Monad Terrace innovates while integrating seamlessly into the context of Miami Beach," said Michael Stern, Founder of JDS Development. "Its thoughtful design serves as an exemplar for how we should be building and developing coastal cities. Without compromising aesthetics, this project brings the ingenuity and design that is entirely appropriate to this environment. This is an important project for Miami Beach, and I am proud that JDS is leading the way."

Composed of 59 individually-designed waterfront residences including four penthouses, Monad Terrace provides double or triple exposures and expansive private outdoor space. Residences are sheltered by climbing gardens that feature native Bougainvillea and Passion Vines, and shaded by high-tech screens embedded in the façade to precisely calibrate shade and privacy. The design artfully directs the play of daylight and water throughout the project. Individual reflecting pools bounce dappled light deep into each living space, while the signature water garden—the central lagoon, reflection pools, and adjacent swimming pool create a sense of continuity with Biscayne Bay. Light and water, glass and steel, gardens and façades all combine into what Nouvel has dubbed "the reflection machine."

The project applies a practical awareness of our changing climate to the project—seamlessly engineering environmental responsibility and innovative climate resilience features into the building's architecture. By elevating the building 11.5 feet, Monad Terrace is the first structure in Miami Beach to be constructed above West Avenue's new height. This significantly higher grade puts all interior spaces and the garage entrance well above the flood plain, while eliminating the need to dig down to the water table—a thoroughly practical solution to one of Miami's most pervasive construction challenges. All mechanicals serving the building are located well above the flood plain and energy-efficient appliances in the residences cut back on consumption without compromising luxury and convenience. Additionally, the bespoke engineered ''honeycomb" screen system built into Monad Terrace's glass façade serves to not only provide unobstructed views, privacy, and natural light, it is designed to significantly reduce glare and solar heat gain—saving energy and money for residents, while reducing the carbon footprint of operating the building.  Monad's vertical gardens also provide energy-saving shade and contribute to healthier urban living by improving air quality, breaking up the profile and reflection of the building, and reducing the urban heat island (UHI) effect of our concrete cities and increased urban density.

"With Monad Terrace, JDS Development Group set out to prove that raising standards to address the climate realities of coastal cities can yield better, beautiful, and more livable spaces," said Simon Koster, Principal of JDS Development.  "JDS took these steps because it is good practice, better construction, and owners are savvy enough to appreciate resilient design."

All architectural design, landscape design, interior design, and finishes are the work of Ateliers Jean Nouvel in collaboration with Kobi Karp. Residences offer generous indoor and outdoor living space.  Residences range from two to five bedrooms and offer 2,027 to 13,922 square feet.  Pricing starts at $1.7 million. The building features expansive amenities including an in-house concierge, a sun deck with a 116-foot swimming pool and hot tub overlooking Biscayne Bay, valet parking, a café and juice bar, a wellness center, and a bicycle and water sports storage room. Penthouse residences include private pools on roof decks. 

Sales and marketing for Monad Terrace is managed exclusively by Douglas Elliman Development Marketing.

ABOUT JDS DEVELOPMENT
JDS Development Group is a real estate development, construction, and acquisition firm raising the bar of residential, hospitality, and mixed-use projects in New York City and Miami. JDS has more than nine million square feet of property in various stages of development, including the record-setting Walker Tower and Stella Tower, the American Copper Buildings, 111 West 57th Street and The Fitzroy, JDS's goal is to redefine what it means to be a real estate developer in the twenty-first century. The firm is dedicated to pushing design boundaries and aligning incentives to leave the urban landscape better served by its buildings. Visit: www.jdsdevelopment.com.

ABOUT ATELIERS JEAN NOUVEL
Ateliers Jean Nouvel (AJN) is one of the largest architecture practices in France, with over 30 active projects all over the world, year 2015 billings of EUR 27 million, and a multicultural staff of 150 professionals from the domains of architecture, urban design, landscape design, graphic design, industrial design, interior design, model making and image production. Jean Nouvel has built museums, concert halls, conference centers, theaters, hotels, collective housing, office buildings, commercial centers, and private residences around the world. Visit: www.jeannouvel.com.

ABOUT KOBI KARP ARCHITECTURE AND INTERIOR DESIGN, INC.
Founded in 1996 by Kobi Karp, Kobi Karp Architecture and Interior Design, Inc. (KKAID) is a full-service architecture, interior, and planning firm providing a vast array of services ranging from the design of large-scale, high-rise condominium and hospitality projects to intimate to small-scale low-rise residential and commercial structures. Recognized by the American Institute of Architects, KKAID continues to innovate and inspire design.  Visit: www.kobikarp.com.

Renderings & Logo: 

Monad Terrace: https://www.dropbox.com/s/os2uhnpr7erbba2/Monad%20Terrace%20-%20Bay%20Hero%20-%20JDS%20Development.tif?dl=0

Monad Terrace Penthouse: https://www.dropbox.com/s/v0ddji75yychton/Monad%20Terrace%20-%20Penthouse%20Living%20Room%20-%20JDS%20Development.tif?dl=0

Monad Terrace Logo: https://www.dropbox.com/s/qtzf0nojzecjdzc/MT_logo_Centered.jpeg?dl=0

(Photo Credit:  Courtesy of JDS Development)

Website:  monadterrace.miami

Sales Gallery:                   
1400 Alton Road
Miami Beach, Florida

Media Contact:                
Vicki Elkins
Email: [email protected]
Phone: 917-854-7539

SOURCE JDS Development

Related Links

http://www.jdsdevelopment.com