Monad Terrace in Miami Beach appears to be clearing the way toward a groundbreaking in the coming months.
Construction activity has resumed at the 1.6 acre site in South Beach, located on West Avenue between 13th Street and 14th Street. The exciting residential development was originally pegged to break ground in January but several months passed before we learned of a $45.8 million foreclosure lawsuit filed by the lender against the developer, Monad Terrace Property LLC (of JDS Development Group).
That lawsuit, however, has since been put on ice.
“I can confirm that litigation has been put on hold while the parties negotiate a refinancing,” according to a Monad Terrace spokesperson.
And according to a source close to the project, the developers are targeting a groundbreaking in the fall.
Monad Terrace is intriguing not only because it has a Pritzker Prize winner attached in Jean Nouvel and a naturally-filtered lagoon at its core but also because it was designed with climate change in mind.
The development features a reinforced underground parking garage “likened to a concrete bathtub” and will be constructed at about 14 feet above sea level, which exceeds Miami Beach’s new requirements.
The question now is when Monad Terrace will finally begin its ascent.