**Ocean Bank Provides $54M Construction Loan for Whole Foods-Anchored Project in Miami Beach**
Ocean Bank has issued a $54 million construction loan to GFO Investments to develop a new Whole Foods-anchored mixed-use project in Miami Beach. The development will be located on a 1.34-acre site at 1901 Alton Road.
According to the South Florida Business Journal, the four-story project will include a 40,883-square-foot Whole Foods Market, a 4,000-square-foot Wells Fargo Bank branch, and a 271-space parking garage. The new development will replace the existing 6,654-square-foot Wells Fargo branch currently on the site.
The project is being designed by Studio Mc+G Architecture and is expected to be completed in approximately 14 months.
Once completed, this will be the second Whole Foods store in Miami Beach. The existing location remains open at 1020 Alton Road.
GFO Investments, the project’s sponsor, is a private wealth management and investment firm with a focus on real estate development, hospitality operations, private financing, and capital markets. The firm has been operating for more than 50 years and makes investments exclusively on its own behalf.
