The Kolter Group and BH Group have expanded their beachfront land portfolio in the North Beach neighbourhood of Miami Beach. They plan to construct a 17-storey luxury condominium development there. The project envisages replacing outdated structures to create a modern development with 37 residential units.
In one of the most recent transactions, the Kolter Group acquired ten condominium units within the Port Royale Condo at 6969 Collins Avenue. The cost amounted to approximately US$3.8 million, according to property records. Built in 1971, the 14-storey building faced concerns regarding its structural integrity; in 2022, residents of the 172 units had to be evacuated.
Strategic acquisitions secure development sites
In a further transaction on the same block, Kolter paid US$14.4 million for the 7,600-square-foot commercial condominium units of the Crystal Beach Suites Hotel at 6981 Collins Avenue. The sellers were the Miami Beach-based Elysee Investment Company, which owned a 70 per cent stake, and Joseph Cohen, who held the remaining share. This purchase is expected to bring the 1-acre property, built in 1950, entirely under the control of the developers.
Already in 2023, the Delray Beach-based developer acquired the 84-room hotel component for US$18 million. In January, Kolter purchased the four-storey, 0.3-acre property, situated between the Port Royale Condo and the Crystal Beach Suites Hotel, for US$26 million. Wells Fargo provided a mortgage of US$41 million. Collectively, these acquisitions give the developers ownership stakes in approximately half of the beachfront properties between 69th and 71st Streets.
Project details and future plans
On at least a portion of the block, the developers plan to replace the existing structures with a modern, 37-unit condominium project designed by Kobi Karp. The undertaking also includes 947 square feet of ground-floor retail space and 86 parking spaces. Last year, the joint venture marketed a one-acre portion of the area for US$110 million. A representative of the joint venture did not immediately respond to a request for comment from the editorial team.
