Kolter Group and BH Group are pursuing a redevelopment plan for an oceanfront hotel that the joint venture recently listed with a whisper price of $110 million.
Delray Beach-based Kolter’s hospitality division and Aventura-based BH submitted a site plan application with the city of Miami Beach to tear down the Crystal Beach Suites Miami Oceanfront Resort at 6985 Collins Avenue, as well as a neighboring historic Art Deco property, Normandy Plaza Hotel at 6979 Collins Avenue. A 19-story boutique condominium with 37 units would replace the older buildings, the application shows.
An affiliate of Kolter, led by CEO Bobby Julien, is under contract to purchase the Normandy Plaza Hotel, records show. BH, led by Liat and Isaac Toledano, and Kolter paid $24 million for the 84-room Crystal Beach in 2023, but last month put the property on the market for more than four times their purchase price. The site is being marketed by Berkadia.
Kolter and BH did not respond to requests for comment.
Built in 1950, the Crystal Beach hotel is not a historic property, but the four-story building is within the city’s North Beach Historic District. Normandy Plaza is a three-story building designed by famous Miami Beach architect L. Murray Dixon. As a result, demolition of both hotels requires approval from the Miami Beach Historic Preservation Board.
Normandy Plaza is “derelict and the subject of a Miami-Dade County Unsafe Structures Board order,” according to a letter of intent submitted by the joint venture’s land use lawyer, Michael Larkin.
Designed by Kobi Karp Architecture & Interior Design, the planned condominium’s 37 units would each span 8,760 square feet with decks and balconies measuring 2,650 square feet, the site plan shows. The project would also include 80 parking spaces and 2,607 square feet of ground-floor retail.
Kolter and BH are also developing Solana Bay, a 10-story waterfront boutique condominium with 52 units in North Miami.