On September 13th, the City of Miami Beach Historic Preservation Board approved the Ocean Terrace Holdings (OTH) redevelopment plan and Ocean Terrace streetscape masterplan. Led by OTH principals Sandor Scher and Alex Blavatnik, the redevelopment plan includes a 20-story, 75-unit residential building, new restaurant and retail options, and a 127-room hotel that incorporates the carefully renovated and unified historic Broadmoor and Ocean Surf properties. Following years of community outreach and negotiations with the City, the approval of OTH’s redevelopment plan will revitalize this underutilized area in North Beach along Collins Avenue, between 74th and 75th Street.
“The approved plan for Ocean Terrace is more economically viable, will attract a world-class hotel operator, and will incorporate a beautifully-designed oceanfront greenspace for the entire community to enjoy,” said Scher. “We look forward to getting to work on our long-awaited project, which will restore the street-level historic architecture, transform Ocean Terrace into a lushly-landscaped oasis and give new life to this cherished beachfront.”
The approved plan includes a few recently added enhancements that will elevate the project’s hotel and residential components. To help attract a world-class hotel flag to the project, the plan adds a new hotel building with 72 rooms that will be built within previously approved height restrictions. The hotel will be managed as one operation with the historic Broadmoor and Ocean Surf hotel buildings. The hotel will include restaurants, bar, meeting rooms, fitness, spa, outdoor pool and deck, rooftop lounge, and on-site parking.
With an historically inspired design, the residential component will feature curvilinear designs reflective of MiMo style, such as curved balconies and eyebrows. Units will range in size from 2 to 5 bedrooms and feature a full complement of luxury amenities. The masterplan also calls for approximately 15,000 square feet of commercial space along Collins Avenue and approximately 3,000 square feet along Ocean Terrace.
“We are grateful to the North Beach community and City of Miami Beach for working together with us to create a vision for Ocean Terrace that incorporates historic preservation, activation of the oceanfront, and economic revitalization,” said Alex Blavatnik, principal of Ocean Terrace Holdings, LLC. “We are excited to now be able to bring that vision to life, starting with an iconic and activated public space that will belong to the City for future generations.”
The first stage of the redevelopment plan will focus on a new $15 million, five-acre public greenspace along Ocean Terrace designed by world-renowned landscape architect Raymond Jungles. The asphalt street will be converted into an active, pedestrian-focused greenspace with native trees that will provide much-needed shade. A public-private partnership with the City of Miami Beach, the streetscape plan will also offer new walking trails, water features, public seating, and a covered pavilion. A mid-block open breezeway in the Ocean Terrace development will also connect Collins Avenue retail to Ocean Terrace, allowing enhanced public access to the oceanfront. OTH will fully fund the park, with no cost to taxpayers, and will deliver the greenspace on an expedited timeline.
Construction on the public greenspace is set to begin in the third quarter 2022. Pre-construction sales for the residential building are also estimated to launch in 2022.