Sleepy South Florida neighborhoods aren’t exempt from the roar of construction.
Miami Beach’s North Beach has nearly 600 condos and more than 100 apartments on tap, as well as retail and restaurant space, as Russell Galbut, Matis Cohen, Lefferts, Constellation Group, Sandor Scher, Alex Blavatnik and other developers bet big on the future of the nearly five-square-mile neighborhood.
The plans follow Miami Beach residents’ approval of a referendum in 2017 that increased density in North Beach. The ballot measure allowed for a floor area ratio increase to 3.5 from the previous 2.25 to 2.75 for the area between Collins and Dickens avenues to Indian Creek Drive between 68th and 72nd streets.
Since 2014, developers have dropped $134 million on property purchases, an analysis by The Real Deal shows.
Here are some of the projects planned for the neighborhood:
Russell Galbut, Matis Cohen and Lefferts | 580 72nd Street
Galbut, Cohen and Lefferts are joining forces to build a 22-story, 206-unit condo building at 580 72nd Street in North Beach. Branded 72 Park, units will range from 466 square feet to 1,177 square feet, with prices starting at $700,000 and maxing out at $2.4 million.
Units will come furnished and can be used as short-term rentals. The 8,500-square-foot ground-floor retail space will include a restaurant and pizzeria named Roberta’s, managed by Michelin-star chef Carlo Mirarchi. Construction is underway and scheduled to be completed early next year. The developers paid a total of $17 million for the property in two separate deals in 2015 and 2019, records show.
Last month, Leffers tapped Cervera Real Estate to handle sales and marketing for 72 Park , according to a news release.
Constellation Group, Boschetti Group and Vietmar | 6940 Abbot Avenue
Constellation Group, Boschetti Group and Vietmar plan a 10-story, 95-unit condo building at 6940 Abbot Avenue. Dubbed Ella Miami Beach and designed by Arquitectonica, the building will have 21 studios, 62 one-bedroom and 12 two-bedroom units, according to a spokesperson.
Units will range from 430 square feet to 1,100 square feet. The project will have 2,500 square feet of ground-floor retail space, including a restaurant open to the public.
One Sotheby’s International Realty is handling sales for the project. Prices started at $450,000, but a spokesperson said 40 percent of the units, including the least expensive units, are so far reserved. Prices now run from $650,000 to $1.9 million for the remaining condos. Amenities will include a cold plunge pool, sauna, rooftop pool, fitness center, pickleball courts, a summer kitchen and co-working spaces.
The developer paid $5.5 million for the site in March, and is in talks with lenders to secure financing, The Real Deal reported at the time. Construction is scheduled to begin in early 2024 and is slated for completion in 2026.
Northlink Capital | 7140 Collins Avenue
Robert Rosenthal’s New York-based Northlink Capital plans an 11-story, 231-unit condo project, called 72 Collins Condominium, on a Denny’s-anchored property. A Northlink affiliate paid $17.3 million for the site at 7140 Collins Avenue in North Beach last year, which it obtained through foreclosure.
The developers hope to get permit approval by the end of the year, and start construction early next year, with a completion date of 2026, a spokesperson said.
Currently planned are 166 studios, 56 one-bedroom units and nine two-bedroom units. Amenities will include a pool, exercise room and rooftop amenity deck. The project will include 14,000 square feet of retail space for eight tenant spaces. No anchor tenant has been secured yet, and Denny’s has the option to renew their lease, the spokesperson said.
Sandor Scher and Alex Blavatnik | Collins Avenue, between 74th Street and 75th Street
Blavatnik and Scher plan a mixed-use project on Collins Avenue, between 74th Street and 75th Street. The developers received project approval in 2018 for a 110-key hotel and 58 luxury condos from the Miami Beach Historic Preservation Board.
Records filed later show the project was later revised in 2021 as a planned 127-key hotel with 75 condo units, along with a retail portion and restaurant. The project was also tied up in a legal battle over the determination of FAR, which the developers settled by paying Miami Beach $3 million.
An offering memorandum from February of last year shows that Scher and Blavatnik hired JLL to sell an 80 percent to 90 percent interest in the project. Scher said they haven’t found a buyer yet. The offering also shows that plans were revised again to 62 condos, a 42-key hotel, and 24 condo-hotel rooms. It also states the project will have 15,000 square feet of commercial space.
Records show that Blavatnik and Scher assembled 12 properties between July 2014 and December 2019 for $85 million — not including transfers completed via quit claim deeds.
Lefferts, Russell Galbut | 666 71st Street
Russell Galbut, along with Lefferts, plan a 13-story mixed-use building designed by Built Form Architecture.
Originally approved in 2021 to include 110 apartments and 8,100 square feet of retail with a rooftop restaurant, the developers filed in January of last year to increase the number of apartments to 126, increase ground-floor commercial space by 1,400 square feet, and scrap the rooftop restaurant, according to Florida YIMBY. A Lefferts spokesperson said additional information is not available. Records show the developer’s entity, NoBe Creek LLC, paid $8.8 million to assemble the four properties for the development from 2019 to 2021.
Records also show the developer filed to demolish the existing multifamily structure at the development site in February of last year.
Francisco Alvarado contributed to this report.