OTH – North Beach Condo & Hotel Tower – Florida - Project Profile
"OTH – North Beach Condo & Hotel Tower – Florida - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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Ocean Terrace Holdings (OTH) is planning to build a mixed-use building in Miami Beach, Florida, the US.
The project involves the construction of two high-rises buildings. It includes the construction of 76.2m condo tower comprising 70 residential units and 38.1m hotel with 120 hotel rooms, retail spaces, parking, related facilities and the installation of elevators and safety systems.
A preliminary planning application for the project was submitted by OTH to the Miami Beach Land Use and Development Committee.
On May 28, 2015, an ordinance to raise the allowable height limit and maximum floor area ratio (FAR) for a roughly two-block area of North Beach was endorsed by the Miami Beach Land Use and Development Committee.
Claro Development (Claro) has been appointed as an associated developer and the in-house Claro will undertake the design and construction works of the project.
The committee passed the motion on to the Miami Beach Planning Board, which will discuss the ordinance at its next meeting on June 23, 2015. From there, it is likely to move to the Miami Beach City Commission which will then decide whether to include it as a ballot measure in November 2015.
In June 2015, The Miami Beach Planning Board has approved the project, however, Miami Beach voters will ultimately decide on the overall density. Under Miami Beach charter, any zoning change dealing with an increase in FAR Floor area ratio (not height) must be approved by the electorate.
In November 2015, Miami Beach voters rejected the rezoning application of the project.
In May 2016, OTH obtained US$15 million loan from City National Bank of Florida.
Perkins + Will, RJ Heisenbottle and Revuelta Architecture have been appointed to prepare a master plan.
In June 2017, Claro closed on the final piece of the development for $14 million for the properties at 7441 Collins Avenue and 7449 Collins Avenue.
The project involves the construction of two high-rises buildings in Miami Beach, Florida, the US.
The US$100 million project includes the following:
1. Construction of 55 residential units
2. Construction of a 120 room hotel
3. Construction of retail spaces
4. Construction of parking spaces
5. Construction of related facilities
6. Installation of elevatorsReasons To Buy
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