Witkoff Group, led by Steven Witkoff and CEO Alex Witkoff, is taking the lead on one of Miami Beach’s most anticipated redevelopment projects—Ocean Terrace in the North Beach district. The firm has secured $85.17 million in refinancing through JPMorgan Chase to support the transformation of the 2.2-acre oceanfront site into a modern luxury destination.

A New Vision for North Beach

Located between 7409 and 7449 Collins Avenue and 7400 and 7450 Ocean Terrace, the site will be home to a 20-story residential tower featuring 75 luxury condominiums, offering sweeping ocean views and resort-style amenities.

The redevelopment will also include:

• A 127-room hotel, split between a restored historic building (55 rooms) and a newly built 11-story tower (72 rooms)
• 17,474 square feet of retail space, designed to energize the area with restaurants, shops, and curated experiences for residents and visitors alike

This carefully planned blend of historic preservation and modern architecture has received approval from the City of Miami Beach, signaling a major step forward for the neighborhood’s revitalization.

Leadership Shift and Strategic Expansion

The project originally involved investor Alex Blavatnik and partners Clifton B. Scher, Jason S. Scher, and Sandor Scher, who now hold minority stakes. The Witkoff Group has emerged as the majority owner, solidifying its control of the vision and execution of the development.

Steven Witkoff, known for his former diplomatic role as U.S. Special Envoy to the Middle East, remains the firm’s chairman. Under the leadership of his son, Alex Witkoff, the group is aggressively growing its South Florida portfolio with luxury developments such as:

• The Shore Club Residences Miami Beach
• The Residences at Shell Bay Hallandale

North Beach: A Neighborhood on the Rise

The Ocean Terrace project is more than just another high-end development—it’s part of a larger urban renewal effort to transform North Beach into a premier destination for luxury living, hospitality, and culture. With increased investor interest and a focus on walkability and design, the neighborhood is poised to become Miami Beach’s next real estate hotspot.

As the Witkoff Group leads the charge, Ocean Terrace is set to become a symbol of the new North Beach—a fusion of timeless charm and contemporary sophistication.