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Commission defers $26.65 million promissory‑note approval for Miami Beach Club project
Summary
The Sunny Isles Beach commission postponed action on a resolution approving a $26,649,849.59 promissory note tied to the Miami Beach Club project after legal staff and the applicant said the commission must see final note language; the developer asked to split the payment into two notes and the commission agreed to return with finalized documents.
The City Commission of the City of Sunny Isles Beach on March 7 deferred a resolution that would have approved the terms of a promissory note totaling $26,649,849.59 tied to the Miami Beach Club development.
Staff identified Resolution 9b as authorizing a promissory note to cover approved bonuses and transfer of development rights for MBRE Investments LLC’s 62‑story condominium project. Before…
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