Ocean Terrace developer closes $15M construction loan

Developer Sandor Scher is proposing an overlay district for the historic area

TRD MIAMI /
May.May 09, 2016 11:15 AM

North Beach neighborhood

Affiliates of Claro Development closed on a $15 million construction loan for its mixed-use project in the Ocean Terrace Historic District of North Beach, records show. 

City National Bank of Florida is the lender for the mortgage. Claro Development, led by developer Sandor Scher, is seeking a new overlay district for the neighborhood, which would allow for Scher to to build a taller condominium and a taller hotel.

Scher owns the properties on Ocean Terrace between 73rd and 75th streets. The proposed ordinance, which the Miami Beach City Commission will consider on Wednesday, would allow Claro to build a condo tower up to 235 feet tall and a 125-foot hotel. Both buildings could not be built to those maximum heights given current restrictions on FAR, or floor area ratio for Ocean Terrace, which is capped at 2.0.

Last year, Miami Beach voters rejected a 50 percent increase in FAR for the area from 2.0 to 3.0. Scher had proposed building a condo tower and a hotel after he and his main investor Alex Blavatnik of Access Industries spent about $65 million buying most of the buildings on Ocean Terrace over a two-year period. Miami Beach voters have to approve any FAR increase.

Heights are currently limited to 75 feet on Ocean Terrace, but a 28-story condo tower built in 1999 was grandfathered into the historic district.

Scher’s earlier renovation projects include the Raleigh Hotel, the Standard, Faena Hotel & Residences and the Essex Hotel.


Related Articles

arrow_forward_ios
Matis Cohen and Marisa Galbut with the 72nd and Park rendering

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Daily Digest Miami

SoftBank brings on Marcelo Claure to help turn around WeWork, Hallandale Beach project scores $100M loan: Daily digest

Aria Mehrabi and City National Bank

Pacific Star Capital wants to build Target-anchored retail building in North Beach

Rendering of 6970 Collins Avenue

Las Vegas Cuban Cuisine owner wants to build co-living in North Beach

Daily Digest Miami

Edgewater’s Hamilton on the Bay hits the market, Parkland charter school score $15M in EB-5 backed financing: Daily digest

Sandor Scher and Alex Blavatnik with a rendering of the project

Blavatnik-backed Ocean Terrace development agreement approved

Robert Finvarb and an aerial view of the properties (Credit: Google Maps)

Finvarb moves forward with mixed-use apartment project in North Beach

Douglas Elliman's Jose Melgar and an aerial view of the property

Investors buy bayfront apartments in North Beach

arrow_forward_ios