Developer David Martin acquired a minority stake in the site of the former Deauville Beach Resort, a property that billionaire developer Stephen Ross had under contract two years ago.
Deauville Associates, led by the Meruelo family, sold a 25 percent interest in the 3.8-acre oceanfront property at 6701 Collins Avenue in Miami Beach for $12.5 million. TMG 67 Communities LLC, a company tied to Martin’s Coconut Grove-based Terra, purchased the stake, records show.
A spokesperson for Terra said the firm is “leading plans to bring an iconic development” to the site and suggested that Terra plans to reconstruct the former resort. The company declined to share additional details about its plans.
Terra also did not respond to a request for comment on whether the $12.5 million represents the full amount of its investment in the deal.
The Deauville, a historic hotel built in 1957, designed by Melvin Grossman, was demolished in 2022 after the Meruelos submitted a structural report to the city that determined it was an unsafe structure. The Meruelo family, led by Belinda Mereuelo, was criticized for not maintaining the building. It had been shuttered since 2017.
Source: The Real Deal