Witkoff Group, led by Steven Witkoff, has taken the lead as the primary development partner for the Ocean Terrace project in Miami Beach’s North Beach district. The firm has also secured $85.17 million in refinancing for the property, reinforcing its commitment to revitalizing the area.
Revitalizing Ocean Terrace
The refinancing, arranged through JPMorgan Chase Group, was secured by Ocean Terrace Trustee, now under the management of Witkoff Group and its affiliates. The 2.2-acre site, located between 7409 and 7449 Collins Avenue and 7400 and 7450 Ocean Terrace, is poised for a significant overhaul.
Ocean Terrace Redevelopment Gains Momentum
Miami Beach has approved a mixed-use redevelopment plan for Ocean Terrace, combining historic preservation with modern design. The project includes:
- A 20-story tower with 75 high-end condominiums.
- A 127-room hotel, with 55 rooms in a restored historic building and 72 rooms in a newly constructed 11-story tower.
- 17,474 square feet of retail space, designed to create a vibrant destination for both residents and tourists.
Changing Hands and New Leadership
Alex Blavatnik initially held a majority stake in the project, with Clifton B. Scher, Jason S. Scher, and Sandor Scher as minority partners. However, recent mortgage filings suggest that Witkoff Group has taken over as the majority owner, while the original partners retain a minority interest.
Steven Witkoff, who previously served as the U.S. Special Envoy to the Middle East under President Trump, remains chairman of Witkoff Group. His son, Alex Witkoff, leads the company as CEO. Witkoff Group has been expanding its South Florida portfolio with projects including:
- Shore Club Condos in Miami Beach.
- Shell Bay, a luxury condo and hotel in Hallandale Beach.
- Belgrove Autograph Collection in West Palm Beach.
A Catalyst for North Beach’s Growth
The Ocean Terrace redevelopment is part of a larger effort to transform North Beach into a destination for luxury living and hospitality. With increasing investment in high-end real estate and hotels, the project is expected to play a central role in the area’s ongoing revival.
