Kolter Pays $18.1 Million for North Beach Condos

The Kolter Group paid $18.2 million for two ground-floor commercial condo units and 10 residential condos in Miami Beach’s emerging North Beach neighborhood, near the historic waterfront Normandy Plaza Hotel it purchased with BH Group earlier this year.

The Delray Beach-based developer dropped $14.4 million for the commercial units at the Normandy Beach South subdivision at 6981 Collins Avenue from Elysee Investment Company of Miami Beach, which held a 70 percent interest, and Joseph Cohen, who owned 30 percent, records show.

The space was built in 1950 spanning 7,600 square feet, property records show. It last sold in 2002 for $1.25 million, representing an over 1,000 percent value increase.

The deal coincides with Kolter and BH purchasing 10 condo units in Port Royale Condo at 6969 Collins Avenue for about $3.8 million, according to Vizzda.

Vizzda said it expects the joint venture to purchase the remaining units in the 172-unit, 15-story building, which was built in 1971 and has faced safety concerns.

According to Vizzda, the $14.4 million purchase comprises the commercial portion of the Crystal Beach Suites Miami Oceanfront Resort.

Representatives from Kolter, led by CEO Bobby Julien, and BH, led by Isaac and Liat Toledano did not immediately respond to a request for comment.

The acquisition adds to Kolter and Aventura-based BH’s growing assemblage along Collins Avenue. In January, the developers paid $26 million for the condemned 63-room Normandy Plaza Hotel at 6979 Collins Avenue. Kolter and BH also bought the neighboring Crystal Beach Suites Miami Oceanfront Resort at 6985 Collins Avenue for $24 million in 2023. Wells Fargo provided a $41 million mortgage that covered both properties.

Kolter and BH unveiled redevelopment plans for the two hotels before Miami Beach’s Historic Preservation Board last September.

The proposal called for replacing the properties with a 17-story luxury condo with 37 residences, 947 square feet of retail and 86 parking spaces. Plans also included a ground-floor beachfront pool and a fourth-floor amenity deck with 8,900 square feet of indoor amenities, along with east- and west-facing outdoor decks. The condos would average 2,900 square feet.

Kolter and BH also teamed up to develop Solana Bay, a 10-story waterfront condo with 52 units in North Miami. Sales for the project launched last year.

The North Beach deals are part of a broader development trend underway in the neighborhood. In 2017, Miami Beach voters approved increased density for redevelopment in the neighborhood, paving the way for a wave of investment. Lefferts’ completion of the 20-story tower 72 Park last year marked North Beach’s first new condo project in five years.

The rezoning has since been a magnet for a roster of projects including Northlink Capital’s 7200 Collins, a 12-story, 222-unit short-term rental-friendly condominium planned for the former Denny’s site, with prices starting at $600,000.

In March 2025, Constellation Group, Boschetti Group and Vietmar landed a $42.3 million construction loan for Ella Miami Beach, a 10-story, 103-unit short-term rental-friendly condo at 6940 Abbott Avenue, where prices start at $500,000.

Other projects in the pipeline include the Meruelo family and Terra’s planned 120-unit condo and 150-room hotel redevelopment of the former Deauville Beach Resort at 6701 Collins Avenue.

Witkoff Group joined Alex Blavatnik and Sandor Scher on the long-stalled Ocean Terrace redevelopment, which spans 7409 to 7449 Collins Avenue and 7400 to 7450 Ocean Terrace and includes plans for a 20-story, 75-unit luxury condo.