Ocean Terrace developer nabs missing piece of North Beach assemblage

Miami /
Sep.September 04, 2015 12:00 PM

A waterfront property in Miami Beach’s North Beach neighborhood has sold for $7 million, according to Miami-Dade County records.

A company tied to Claro Development and New York-based Access Industries acquired the 7,500-square-foot site at 7420 Ocean Terrace. Kensu Partners was the seller.

The two-story apartment building spans 10,512 square feet, and is surrounded by a handful of properties that Claro affiliate Ocean Terrace Holdings paid $28 million for in March. The company also paid $29.3 million for the Days Inn & Suites up the block.  That brings its holdings to $64.3 million in North Beach.

In August, the Miami Beach City Commission moved forward with zoning changes that will enable the developer, Sandor Scher, to build a pair of high-rises on the site. The proposed zoning changes will allow Scher to build a 250-foot-tall condo with around 70 residential units and a 125-foot-tall hotel with 120 hotel rooms.

Currently, the height limit for new construction is 75 feet. Because the overlay district Scher is championing for Ocean Terrace will increase the floor area ratio (FAR) from 2.0 to 3.0, the zoning change will need to be approved by voters on Nov. 3.

Alex Blavatnik of Access Industries is also listed on the buyer’s corporate records for this week’s sale. Blavatnik is executive vice president and vice chairman of the company, which is an international conglomerate that invests in real estate, natural resources and chemicals, media and telecommunications, and technology and e-commerce.

Scher’s clients include The Standard Miami, The Raleigh Hotel, Faena Hotel & Residences and The Essex Hotel.

Kensu acquired the land for an undisclosed amount in 2002, according to Miami-Dade property records. It’s zoned for commercial development, including mixed-use/entertainment.


Related Articles

arrow_forward_ios
International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)

Miami Beach approves 8-story addition for International Inn

Miami Beach approves 8-story addition for International Inn
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park

Oakland Park developer partners with former Link Real Estate exec on new firm

Oakland Park developer partners with former Link Real Estate exec on new firm
Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)

Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach

Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach
Rendering of Byron Carlyle Cultural Center, with Matis Cohen, Jared Galbut and Keith Menin (Miami Beach City Commission)

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February
Renderings of the project (Group P6)

Group P6 lands $69M construction loan for Boca Raton project

Group P6 lands $69M construction loan for Boca Raton project
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Aria Mehrabi and renderings of the projects

Target-anchored mixed-use project planned for North Beach advances

Target-anchored mixed-use project planned for North Beach advances
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...