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Miami Beach's Oceanfront Future: A New Development on the Horizon
The oceanfront development landscape of Miami Beach is on the brink of transformation as Kolter Group and BH Group seek approval to redevelop a prime site at 6985 Collins Avenue. Currently, this location is home to the Crystal Beach Suites Miami Oceanfront Resort and the historic Normandy Plaza Hotel. The joint venture proposes replacing the existing structures with a luxurious 19-story boutique condominium boasting 37 opulent units.
The Dynamics Behind the $110 Million Redevelopment
This redevelopment is not just a real estate project; it represents an investment strategy. After acquiring the Crystal Beach Suites for $24 million just last year, the developers have listed the site for a staggering $110 million, capitalizing on current market trends. Jaret Turkell of Berkadia notes that the area's zoning changes have significantly heightened its development potential, allowing for attractive opportunities to prospective buyers.
Historical Considerations: A Balancing Act
Significantly, the project requires the approval of the Miami Beach Historic Preservation Board due to the Normandy Plaza Hotel's historic status. Designed by renowned Miami Beach architect L. Murray Dixon, this Art Deco gem adds complexity to the redevelopment plan, as it currently sits under condemnation by the Miami-Dade County Unsafe Structures Board. The developers need to navigate these complexities carefully, adhering to regulations while aiming for a modern residential vision.
The Vision for Luxury Living
Designed by Kobi Karp Architecture & Interior Design, the proposed condominium will feature units averaging 8,760 square feet and expansive balconies. Additionally, the project promises ample parking and ground-floor retail spaces, further enhancing the area’s appeal. As luxury condos in Miami Beach continue to command prices exceeding $4,000 per square foot, this development offers an immediate investment opportunity without the typical delays of condominium terminations.
What This Means for Florida Homeowners
This development is not just numbers; it signifies a shift in the real estate market, potentially increasing property values in the surrounding area. For Florida homeowners, especially those in Miami Beach, the implications of such significant investments can ripple through the market, impacting everything from local property taxes to community amenities.
As we await the response from the Miami Beach Historic Preservation Board, one thing is certain: Kolter and BH Group's vision for transforming this oceanfront site could reshape the Miami Beach skyline and real estate market for years to come.
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