{"id":336296,"date":"2026-07-10T22:38:11","date_gmt":"2026-07-10T22:38:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/336296\/"},"modified":"2026-07-10T22:38:11","modified_gmt":"2026-07-10T22:38:11","slug":"kolter-pays-18-1-million-for-north-beach-condos","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/336296\/","title":{"rendered":"Kolter Pays $18.1 Million for North Beach Condos"},"content":{"rendered":"

The Kolter Group paid $18.2 million for two ground-floor commercial condo units and 10 residential condos in Miami Beach\u2019s emerging North Beach<\/a> neighborhood, near the historic waterfront Normandy Plaza Hotel<\/a> it purchased with BH Group earlier this year.<\/p>\n

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.<\/p>\n

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.\u00a0\u00a0<\/p>\n

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.<\/p>\n

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.<\/p>\n

According to Vizzda, the $14.4 million purchase comprises the commercial portion of the Crystal Beach Suites Miami Oceanfront Resort.\u00a0<\/p>\n

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.\u00a0<\/p>\n

The acquisition adds to Kolter and Aventura-based BH\u2019s 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<\/a> at 6985 Collins Avenue for $24 million in 2023. Wells Fargo provided a $41 million mortgage that covered both properties.<\/p>\n

Kolter and BH unveiled redevelopment plans for the two hotels before Miami Beach\u2019s Historic Preservation Board last September.\u00a0<\/p>\n

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.<\/p>\n

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.\u00a0<\/p>\n

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\u2019 completion of the 20-story tower 72 Park<\/a> last year marked North Beach\u2019s first new condo project in five years.<\/p>\n

The rezoning has since been a magnet for a roster of projects including Northlink Capital\u2019s 7200 Collins<\/a>, a 12-story, 222-unit short-term rental-friendly condominium planned for the former Denny\u2019s site, with prices starting at $600,000.\u00a0<\/p>\n

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

Other projects in the pipeline include the Meruelo family<\/a> and Terra\u2019s planned 120-unit condo and 150-room hotel redevelopment of the former Deauville Beach Resort<\/a> at 6701 Collins Avenue.\u00a0<\/p>\n

Witkoff Group joined Alex Blavatnik and Sandor Scher on the long-stalled Ocean Terrace<\/a> 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.<\/p>\n

\tRead more
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\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

Kolter pays $26M for condemned Miami Beach hotel as redevelopment play<\/p>\n

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\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

Kolter, BH seek redevelopment approval for Miami Beach oceanfront site they listed for $110M\u00a0<\/p>\n

\t\t\t<\/a>
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\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

Lefferts kicks off sales for 72 Carlyle, its third North Beach condo project<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Kolter Group paid $18.2 million for two ground-floor commercial condo units and 10 residential condos in Miami…\n","protected":false},"author":2,"featured_media":336297,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[138464,123,125,124],"class_list":["post-336296","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-kolter-north-beach","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/336296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=336296"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/336296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/336297"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=336296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=336296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=336296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}