WRE News: Witkoff Joins Ocean Terrace Project, Secures $85M to Revive Miami Beach Development

Miami, FL – February 17, 2025 – A long-stalled luxury development in Miami Beach is finally moving forward with new backing.

Witkoff has partnered with Ocean Terrace Holdings to revive a long-planned mixed-use condo project in North Beach, securing an $85 million preconstruction loan from J.P. Morgan.

The development will include a 20-story residential tower with 75 luxury units, a 127-room hotel, commercial spaces, and a $15 million public park designed by Raymond Jungles, Inc. Originally approved in 2021, the project also involves renovating historic properties while adding modern amenities like restaurants, a rooftop lounge, and an outdoor pool deck.

Witkoff, led by Steve and Alex Witkoff, has previously collaborated with the Blavatnik family on real estate ventures, including projects in West Palm Beach and New York. The company is also spearheading the Shore Club redevelopment in Miami Beach, backed by a $430 million construction loan.