Witkoff Group, and Alex Blavatnik and Sandor Scher’s Ocean Terrace Holdings launched sales of their planned North Beach condo and hotel development with more than $200 million in presales.
Witkoff, led by CEO Alex Witkoff, joined the Ocean Terrace project earlier this year, reviving the long-planned mixed-use development. The project, designed by Revuelta Architecture International with interiors by Robert A.M. Stern Architects, calls for a 52-unit condominium, 24 condo-hotel units, a 42-key luxury hotel in a historic building and a private members’ club, according to a press release. The project is planned for the site between 74th and 75th Streets along Collins Avenue and Ocean Terrace.
Alex Witkoff told Bloomberg the buyers so far have been family and friends.
Douglas Elliman is leading sales and marketing of the condos. Prices start at $6.3 million, according to the release. The project is expected to be completed in 2029.
The condos will range from one-bedroom and one-den units, to five-bedroom units in the condo tower. The condo-hotel building will include one- to four-bedroom units.
The project will also have more than 18,000 square feet of interior amenities, and about 50,000 square feet of exterior amenities, including sunrise and sunset pools. It also includes access to the Raymond Jungles-designed Ocean Terrace public park.
Ocean Terrace has been in the works for at least a decade, under Scher and Blavatnik’s leadership.
In 2021, the Miami Beach Historic Preservation Board approved the latest version of the development. It includes building a 20-story tower and restoring historic structures; and adding 15,000 square feet of commercial space along Collins Avenue and about 3,000 square feet along Ocean Terrace.
In February, the new partnership secured an $85 million preconstruction loan from J.P. Morgan, a spokesperson for the joint venture told The Real Deal.
Witkoff and the Blavatnik family are working together on other projects. In January, Witkoff and Len Blavatnik’s Access Industries sold a 10-acre portion of the former Banyan Cay Resort & Golf Club in West Palm Beach to homebuilder Schickedanz for $15 million. Witkoff and Access Industries took the project over after it floundered under the previous developer, Domenic Gatto Jr.
And in New York, the two companies partnered on One High Line, previously known as the Xi.
In Miami Beach, Witkoff is also leading the redevelopment of the oceanfront Shore Club property into the Shore Club Private Collection, an Auberge Resorts Collection-branded 49-unit condo and hotel project at 1901 Collins Avenue.
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Witkoff to revive Blavatnik and Scher’s long planned Ocean Terrace project in Miami Beach
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