The Development Pipeline of North Beach: A Glimpse into the Future
July 14, 2023
Miami Beach‘s North Beach neighborhood is set to experience a significant transformation, with many ambitious projects on the horizon. Developers such as Russell Galbut, Matis Cohen, Lefferts, Constellation Group, Sandor Scher, Alex Blavatnik, and others are making substantial investments in this nearly five-square-mile area, betting on its promising future.
The development plans follow Miami Beach residents’ approval of a referendum in 2017, which allowed for increased density in North Beach. The ballot measure resulted in a floor area ratio increase from 2.25 to 2.75, and in some cases to 3.5, for the area spanning between Collins and Dickens avenues to Indian Creek Drive, between 68th and 72nd streets.
Since 2014, developers have collectively spent $134 million on property acquisitions, according to an analysis by The Real Deal. Here are some notable projects slated for the neighborhood:
Russell Galbut, Matis Cohen, and Lefferts | 580 72nd Street:
This collaboration aims to construct a 22-story, 206-unit condo building named 72 Park at 580 72nd Street. The units, ranging from 466 to 1,177 square feet, will be furnished and available for short-term rentals. The ground floor will feature an 8,500-square-foot retail space housing a restaurant called Roberta’s, led by Michelin-star chef Carlo Mirarchi. Construction is already underway and is scheduled to be completed in early 2024. The developers acquired the property for $17 million in separate deals in 2015 and 2019.
Constellation Group, Boschetti Group, and Vietmar | 6940 Abbot Avenue:
Ella Miami Beach, a 10-story, 95-unit condo building designed by Arquitectonica, is planned for 6940 Abbot Avenue. The facility will offer 21 studios, 62 one-bedroom, and 12 two-bedroom units, ranging from 430 to 1,100 square feet. The ground floor will feature 2,500 square feet of retail space, including a public restaurant. One Sotheby’s International Realty is handling sales for the project. Construction will commence in early 2024, with completion expected in 2026. The developers acquired the site for $5.5 million in March.
Northlink Capital | 7140 Collins Avenue:
Northlink Capital, led by Robert Rosenthal, plans an 11-story, 231-unit condo project called 72 Collins Condominium. The project will offer 166 studios, 56 one-bedroom units, and nine two-bedroom units on a property currently occupied by Denny’s restaurant. Amenities will include a pool, exercise room, and rooftop amenity deck. The project will also feature 14,000 square feet of retail space divided among eight tenant spaces. Construction is expected to commence early next year, with completion targeted for 2026.
Sandor Scher and Alex Blavatnik | Collins Avenue, between 74th Street and 75th Street:
Blavatnik and Scher received project approval in 2018 for a mixed-use development on Collins Avenue, featuring a 110-key hotel and 58 luxury condos. However, the plans were later revised to include a 127-key hotel with 75 condo units, retail spaces, and a restaurant. After settling a legal dispute over the floor area ratio determination by paying Miami Beach $3 million, the developers are exploring the sale of an 80-90% stake in the project. The latest plans entail 62 condos, a 42-key hotel, 24 condo-hotel rooms, and 15,000 square feet of commercial space.
Lefferts and Russell Galbut | 666 71st Street:
Lefferts and Russell Galbut are collaborating on a 13-story mixed-use building designed by Built Form Architecture. Initially approved for 110 apartments and 8,100 square feet of retail space with a rooftop restaurant, the plans were revised to include 126 apartments and increased commercial space. Further details about the project have yet to be made available. Property records indicate that the developer’s entity, NoBe Creek LLC, acquired four properties for the development at a total cost of $8.8 million between 2019 and 2021.
With these and other developments in the pipeline, North Beach is poised for significant growth and transformation, further solidifying its status as an attractive destination for residents and visitors alike.
