New York real estate firm Northlink Capital plans to build a condo project with co-living on a Denny’s-anchored property in Miami Beach, where the previous developer had planned a mixed-use hotel.
Northlink, led by Robert Rosenthal, secured approval from the Miami Beach Design Review Board on Tuesday for the proposed project at 7140 Collins Avenue in North Beach. A Northlink affiliate acquired the site out of foreclosure last year for $17.3 million, records show.
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The previous developer, led by Miami Beach broker and investor Silvia Coltrane, planned to build a 187-key hotel with condos on the site, which is within the North Beach Town Center. Coltrane’s plans were approved in 2017 and 2018.
The project, called 72 Collins Condominium, is now being designed as residential/co-living with ground-floor retail space. It will include an 11-story condo building and a separate eight-story annex that will be built over the existing commercial buildings with a unified facade, said Akerman Managing Partner Neisen Kasdin, who represents the developer. When Denny’s lease expires, the developer will replace the restaurant with a new tenant, he said.
At Tuesday’s meeting, architect Luis Revuelta outlined changes to the design, which now features balconies instead of eyebrows, a passive rooftop, and improvements to the Harding Avenue frontage.
Board members praised the change of use to residential, as well as the incorporation of a ramp instead of a car elevator.
A number of major developers have purchased properties in North Beach in the six years since the Miami Beach City Commission agreed to create a new overlay district for the Ocean Terrace historic district of North Beach. Among them are Robert Finvarb, Russell Galbut and Pacific Star Capital.
Most recently, Related Companies’ Stephen Ross proposed redeveloping the historic Deauville resort at 6701 Collins Avenue, which will require a Miami Beach voter referendum. Ross is reportedly in contract to buy the historic oceanfront hotel, which is being demolished, from the Meruelo family.
Ross’ goal is to build a project with 175 luxury hotel rooms and 150 luxury condos, which could only occur if the commission votes to place an item on the November ballot in the form of a referendum. Kasdin, a former mayor of Miami Beach, is also representing Ross in the process.