Witkoff Group, led by Steven Witkoff, has become the primary development partner in the highly anticipated Ocean Terrace project in Miami Beach’s North Beach district. The firm also secured an $85.17 million refinancing deal for the property, signaling its commitment to transforming this beachfront neighborhood.
A New Vision for Ocean Terrace
The financing, provided by JPMorgan Chase Group, was granted to Ocean Terrace Trustee, which is now managed by Witkoff Group and its affiliates. The 2.2-acre site, spanning 7409 to 7449 Collins Avenue and 7400 to 7450 Ocean Terrace, is set to undergo a remarkable transformation.
The city previously approved a mixed-use development that balances historic preservation with modern construction. Plans include:
- A 20-story condominium tower featuring 75 luxury residences.
- A 127-room hotel, with 55 rooms inside a restored historic building and 72 rooms in a newly constructed 11-story tower.
- 17,474 square feet of retail space, creating a vibrant destination for locals and visitors alike.
Shifting Ownership & Development Leadership
Initially, Alex Blavatnik held a majority stake in the project, alongside Clifton B. Scher, Jason S. Scher, and Sandor Scher as minority partners. However, mortgage records suggest Witkoff Group has taken over majority ownership, while the original stakeholders retain some interest in the venture.
Steven Witkoff, who previously served as the U.S. Special Envoy to the Middle East under President Donald Trump, remains chairman of Witkoff Group, while his son, Alex Witkoff, leads the company as CEO. The firm has been expanding its footprint in South Florida, with major projects including:
- Shore Club Condos in Miami Beach.
- Shell Bay, a luxury condo and hotel in Hallandale Beach.
- Belgrove Autograph Collection, a newly opened hotel in West Palm Beach.
Ocean Terrace’s Role in North Beach’s Revival
The Ocean Terrace redevelopment aligns with Miami Beach’s broader revitalization efforts, particularly in North Beach, which has seen increased investment in high-end developments. As the area continues to attract luxury buyers and hotel investors, Ocean Terrace is positioned to become a key destination for beachfront living and hospitality.
Experts predict that South Florida’s luxury real estate market will remain strong despite broader economic fluctuations. The demand for high-end residences and boutique hotels in prime waterfront locations continues to drive new investments, making this project a pivotal moment for North Beach’s transformation.