Kolter Group and BH Group Near Completion of Miami Beach Oceanfront Condo Assemblage

Kolter Group and BH Group are nearing the completion of a significant oceanfront land assemblage in Miami Beach, paving the way for a new luxury condo development. The joint venture has acquired 163 of 172 units in the Port Royale condo building at 6969 Collins Avenue for $61.6 million since July. This acquisition follows the building being deemed unsafe five years ago, a situation influenced by state reforms enacted after the 2021 Champlain Towers South collapse, which increased maintenance costs for many condo owners.

The two-acre assemblage, located between 69th and 71st streets, also includes the Normandy Plaza Hotel, purchased for $18 million in 2023, and the Crystal Beach Suites, acquired for $26 million in January, with its commercial condos bought for $14.4 million in July. Wells Fargo recently increased a related loan to $83.2 million. The developers have filed plans to demolish the Normandy Plaza Hotel and, in 2025, proposed a 17-story, 37-unit condo project designed by Kobi Karp, featuring ground-floor retail and parking. This project represents a notable luxury addition to the evolving North Beach area.