The Well Bay Harbor Islands to open ahead of 2026 with Miami’s “first caldarium” with a US$238m refinancing loan
International wellness brand The Well and Miami-based real estate developer Terra have secured a US$238 million (€218.4 million, £183.5 million) refinancing loan to complete the new mixed-use luxury wellness development The Well Bay Harbor Islands in Miami, US.
The loan provides the project with a long-term financing solution.
The funds come from Eldridge Real Estate Credit, the real estate investing strategy division of Eldridge Capital Management, and global investment management firm Hudson Bay Capital Management.
The development’s residences will receive their Temporary Certificate of Occupancy (TCO) before the end of the year, meaning the City of Miami will have signed off on the completed construction.
The project was initially announced in 2023, with an original opening date of December 2024.
David Martin, CEO of Terra, said: “This refinancing affirms the strength of our lender relationships and the market response to our mixed-use vision for The Well Bay Harbor Islands. With office leasing exceeding expectations and residential sales continuing at a strong pace, we’re approaching completion with momentum and confidence in the long-term value this project will bring to the community.”
Facilities
Designed by Arquitectonica and with interiors by Meyer Davis, the project features 66 residences in an eight-floor condominium complex, with more than 22,000sq ft of wellness-focused amenities.
This includes a fitness and wellness club and a signature market for sustainable, organic and clean eating options.
The wellness amenities will include what The Well says will be Miami’s first caldarium, a saunarium and halotherapy steamroom as part of the club’s Bathhouse.
The club will have a fitness centre and mindful movement studio for classes that include high intensity workouts and guided meditations.
Wellness services will include IV vitamin therapy, acupuncture and vibrational energy healing.
The property will also have a four-floor office building with 102,000sq ft of office space, a lobby and a rooftop for community events and activations. Eighty per cent of the offices are pre-leased and are expected to open in early 2026.
The Well Bay Harbor Islands has a community-driven approach to health and wellness, offering residents and office occupants a seamless blend of modern medicine and ancient healing practices.
The Well’s signature approach is designed to offer intuitive service and thoughtful design, allowing owners to immerse themselves in a holistic environment, prioritising both physical and mental health.
Another Miami project
The Well is also working with Terra on The Well Coconut Grove in Miami’s Coconut Grove neighbourhood.
This property was first announced at the start of this year, with a projected opening date of Q1 2028.
It is set to feature a 13,000sq ft wellness centre, which will have a bathhouse, crystal cave relaxation lounges, a hyperbaric chamber, a vitality lounge and will offer services such as physical therapy and functional medicine.
The Well
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