A quiet stretch of North Beach oceanfront is on its way to becoming one of Miami Beach's next luxury addresses. Kolter Group and BH Group, two developers who often build together, now own nearly all of the Port Royale condominium at 6969 Collins Avenue. That purchase brings them close to completing a two-acre oceanfront site between 69th and 71st streets.
I have been watching this assemblage come together for months. It says a great deal about where our market is heading, both for buyers and for owners in older buildings.
The Deal So Far
Since July, the joint venture has bought 163 of Port Royale's 172 units for about $61.6 million. Only nine units remain in other hands. The figures come from a Vizzda analysis of property records, first reported by the South Florida Business Journal and covered by Commercial Observer.
Port Royale is only one piece of the site. The partners have also acquired the two hotels next door:
- Normandy Plaza Hotel, 6985 Collins Avenue. A three-story hotel built in 1950, bought by Kolter for $18 million in 2023.
- Crystal Beach Suites, 6979 Collins Avenue. A four-story hotel built in 1936, bought for $26 million in January 2026.
- Commercial condos at Crystal Beach Suites. About 7,600 square feet, bought for $14.4 million in July 2026.
Add up the recorded purchases and the total comes to about $120 million. Wells Fargo also recently increased a loan tied to the site to $83.2 million, double the mortgage first issued in January.
What Is Planned
Details are still limited, so what we know comes from the developers' filings. In 2025, they filed plans for a 17-story condominium with 37 residences on a portion of the site, designed by architect Kobi Karp. The plans include a small ground-floor retail space and 86 parking spaces.
In late September, the partners also filed to demolish the Normandy Plaza Hotel. That tells me the project is moving from assembly toward construction.
Thirty-seven residences in a 17-story oceanfront building points to a boutique project. That is what many of my buyers ask for today: fewer neighbors, more privacy, and the beach at their door. The filed plans cover only part of the land, so the final vision could still grow.
If you would like to talk about North Beach, new development, or the value of your condo in today's market, I would be happy to guide you.
Joelle & Team
Source: Commercial Observer, October 2, 2026.
