By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.
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Ocean Terrace has been twelve years in the making and still has not broken ground. The project traces to 2014. As of the last available reporting it is not vertical, and no groundbreaking has been reported.
No construction loan has been reported. The only closed debt in any primary source is an $85 million J.P. Morgan preconstruction loan from February 2025 — a preconstruction facility, not a construction facility.
The programme has been restated at least four times. 58 units, then 75, then 52 condos plus 24 resort residences, and Witkoff’s own website currently says 54 condos plus 22 hotel-condominium residences. The developer’s site disagrees with the developer’s press coverage.
Presales are real. More than $200 million was reported at launch in October 2025 — though the buyers were described as family and friends.
Delivery is guided to 2029 and has not changed in any published source since October 2025.
Ocean Terrace Residences — Building Facts
- Address
- 7450 Ocean Terrace, Miami Beach, FL 33141
- Assemblage
- 7409–7449 Collins Avenue and 7400–7450 Ocean Terrace — 2.2 acres, expanded to ~3.3 acres by a 2019 development agreement
- Neighbourhood
- North Beach, Miami Beach — 350 feet of direct oceanfront
- Developer
- Witkoff Group (Chairman Steve Witkoff, CEO Alex Witkoff) with Ocean Terrace Holdings (Alex Blavatnik and Sandor Scher)
- Architect
- Revuelta Architecture International
- Interior design
- Robert A.M. Stern Architects
- Landscape
- ENEA (gardens) · Raymond Jungles (the 5-acre public park)
- General contractor
- MISSING — not published in any primary source
- Storeys
- 20
- Height
- MISSING — never published
- Residences
- Sources disagree. Press coverage: 52 condominiums + 24 resort residences + a 42-key hotel. Witkoff’s own website: 54 condominiums averaging 3,090 sq ft + 22 hotel-condominium residences + 42 keys
- Unit sizes
- Approximately 1,740 – 3,740 sq ft, one to four bedrooms
- Pricing
- From $6.3 million (October 2025)
- Price per sq ft
- MISSING — not published
- Amenities
- Sources disagree. Press: 18,000+ sq ft interior and ~50,000 sq ft exterior. Official site: “over 60,000 square feet”
- Commercial
- 15,000 sq ft on Collins Avenue + 3,000 sq ft on Ocean Terrace
- Sales brokerage
- Douglas Elliman Development Marketing
- Construction loan
- NONE REPORTED. Only an $85M J.P. Morgan preconstruction loan, February 2025
- Land basis
- ~$70 million assembled over roughly two years to 2015; the City deeded 45,925 sq ft of right-of-way in 2019 in exchange for a $15M oceanfront park
- Groundbreaking
- MISSING — expected 2026, not reported as broken
- Construction status
- Not vertical as of the last available primary reporting
- Presales
- $200M+ at launch, October 2025. No unit count or percentage published
- Estimated completion
- 2029
Every figure above traces to a dated primary source. Where two sources disagree, both appear. Where nothing is published, the row says MISSING. Last reviewed 5 August 2026.
What Ocean Terrace Actually Is
Ocean Terrace is a two-block stretch of North Beach that most of Miami has driven past without noticing — a row of small Art Deco hotels facing the Atlantic, one street back from Collins Avenue. It is one of the last genuinely undeveloped oceanfront parcels on Miami Beach, and it has been the subject of a fight for more than a decade.
The project as now designed is a 20-storey building set behind restored historic frontage, with Robert A.M. Stern doing the interiors and Revuelta the architecture. The programme combines condominiums, resort residences, a 42-key hotel inside the restored historic buildings, and a members’ club. Raymond Jungles designed the five-acre public park in front of it, which is already open.
What makes it unusual among Miami Beach oceanfront projects is the 350 feet of direct beach frontage and the fact that the public park in front is contractually the developer’s obligation rather than a municipal amenity that might or might not arrive. That park is built and open — one of the very few things about this project that has actually been delivered.
The Record — Twelve Years, No Groundbreaking
This is the part no sales gallery will walk you through, and it is the reason to read carefully before wiring a deposit.
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The Unit Count Has Never Settled
This matters more than it sounds. Every published version of the programme:
- June 2019 and April 2021: 58 units · 110-key hotel · 200-car garage · 18,000 sq ft retail · 12 historic shells
- September 2021 and February 2025: 75 units · 127-room hotel
- October 2025 onward (press): 52 condominiums · 24 resort residences · 42 hotel keys
- Witkoff’s own website, fetched 4 August 2026: 54 condominiums averaging 3,090 sq ft · 22 hotel-condominium residences · 42 keys · 165,000 sq ft residential
The developer’s own website and the developer’s own press coverage do not agree on the condominium/resort split. Amenity square footage disagrees too — press says 18,000 sq ft interior plus ~50,000 exterior; the official site says “over 60,000 square feet.”
A unit count that moves is a building whose floor plates are still being designed. If you contract now, ask in writing which version of the programme your purchase agreement is written against, and what happens to your unit if the mix changes again.
Ask specifically: has a construction loan closed? An $85 million preconstruction facility funds design, permitting and predevelopment. It does not fund a building. Until a construction loan closes, the 2029 date is a projection, not a commitment — and this project has already missed a 2022 park date and a 2026 groundbreaking.
Then ask for the outside date in your purchase agreement and the remedy if it passes. Florida escrow protections are real, but they return your deposit — they do not compensate you for the years.
The Opposition, and Why It Is Relevant
Two fights shaped this project and both are worth understanding, because they explain the twelve years.
The 2015 referendum. Miami Beach voters rejected the upzoning that would have allowed a taller building — 55% to 45%. Daniel Ciraldo of the Miami Design Preservation League put the case plainly at the time:
“I think the people of Miami Beach have spoken and they do not want upzoning and they do not want over development and they do not want our historic districts to be destroyed.”
Daniel Ciraldo, Miami Design Preservation League — The Real Deal, 4 November 2015
The historic preservation fight. The original scheme proposed demolishing eleven historically protected Art Deco properties. The approved scheme restores eight facades and fully restores the Broadmoor and the Ocean Surf. One protected property was demolished before the revision, and another was scheduled. That compromise is why the building sits behind a restored historic frontage rather than replacing it.
“This resolution clears the way for the long-desired revitalization of Ocean Terrace, allowing us to advance plans for a world-class oceanfront public promenade.”
Sandor Scher, Principal, Ocean Terrace Holdings — The Real Deal, 23 April 2021
Ocean Terrace represents “one of the last developable prime parcels in Miami Beach.”
Alex Witkoff, CEO, Witkoff Group — The Real Deal, 10 February 2025
North Beach Around It
North Beach is the last part of Miami Beach where oceanfront still trades at a discount to South of Fifth and Bal Harbour, and Ocean Terrace is the project the entire submarket is being repriced against. The five-acre park is open. The commercial programme — 15,000 sq ft on Collins and 3,000 sq ft on Ocean Terrace — is designed to give the street something it has never had.
If you are looking at North Beach broadly rather than this building specifically, start with North Beach: Miami Beach’s Last Value Wave and the Miami Beach neighbourhood guide.
How It Compares
Ocean Terrace is not the only Miami Beach oceanfront project without a closed construction loan, and it is far from the worst-behaved on delivery. But the twelve-year gap between inception and unbroken ground is unusual even by this market’s standards. The full promised-versus-actual record for 38 South Florida towers, including this one, is in the Miami Pre-Construction Delivery Tracker — 22 have slipped at least once, and 14 are selling with no construction loan reported.
Other Miami Beach oceanfront comparisons worth reading alongside this: Rivage Bal Harbour, The Perigon, 72 Park and Five Park.
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Ocean Terrace Residences — Questions Buyers Actually Ask
Has Ocean Terrace Residences broken ground?
No groundbreaking has been reported in any primary source as of 4 August 2026. In November 2025 groundbreaking was described as “expected 2026.” The most recent coverage, March 2026, reported new renderings and the opening of the public park but no groundbreaking. The project is not vertical.
Does Ocean Terrace have a construction loan?
No construction loan has been reported. The only closed debt in any primary source is an $85 million preconstruction loan from J.P. Morgan that closed in February 2025. A preconstruction facility funds design, entitlement and predevelopment work — it does not fund construction. This matters because a project cannot commit to a delivery date without construction financing in place.
How many residences are there at Ocean Terrace?
Sources disagree, and both figures belong on the record. Press coverage from October 2025 onward reports 52 condominiums, 24 resort residences and a 42-key hotel. Witkoff’s own website, fetched 4 August 2026, reports 54 condominiums averaging 3,090 sq ft, 22 hotel-condominium residences and 42 keys. Earlier versions of the programme said 58 units, then 75 units. The count has been restated at least four times since 2019.
When will Ocean Terrace be completed?
The developer guides to 2029. That date was first published in October 2025 and has not changed in any source since. It is worth noting the project’s history with dates: the public park was targeted for 2022 and opened in 2026, and groundbreaking was expected in 2026 and has not been reported.
What does Ocean Terrace cost?
Pricing starts at $6.3 million as reported in October 2025. Unit sizes run approximately 1,740 to 3,740 sq ft across one to four bedrooms. No price per square foot has been published, and no price increase has been documented since launch.
How much has sold at Ocean Terrace?
More than $200 million in presales was reported at launch in October 2025. No unit count or percentage has been published, and the reporting noted that buyers at launch were described as family and friends — which is normal for a friends-and-family release but is not the same as open-market absorption.
Who is developing Ocean Terrace?
Witkoff Group — Chairman Steve Witkoff, CEO Alex Witkoff — in partnership with Ocean Terrace Holdings, whose principals are Alex Blavatnik and Sandor Scher. Witkoff joined the partnership in February 2025; Scher and Blavatnik assembled the site beginning around 2013.
Was there opposition to Ocean Terrace?
Yes, on two fronts. In November 2015 Miami Beach voters rejected an upzoning referendum 55% to 45%. Separately, the original plan proposed demolishing eleven historically protected Art Deco properties; after a preservation fight, the approved plan restores eight facades and fully restores the Broadmoor and Ocean Surf hotels. The developer also settled litigation with the City of Miami Beach in April 2021 for $3 million.
Sources and further reading
- The Real Deal, 4 November 2015 — Miami Beach voters reject Ocean Terrace upzoninghttps://therealdeal.com/miami/2019/06/27/higher-density-ahead-north-beach-land-deal-gets-green-light/
- The Real Deal, 23 April 2021 — Ocean Terrace developers settle with Miami Beach for $3Mhttps://commercialobserver.com/2021/09/ocean-terrace-development-north-beach-florida/
- The Real Deal, 10 February 2025 — Witkoff joins Blavatnik and Scher on stalled Miami Beach projecthttps://therealdeal.com/miami/2025/10/27/witkoff-partners-launch-sales-at-ocean-terrace-project/
- Florida YIMBY, 28 November 2025 — 20-storey Ocean Terrace to break ground next yearhttps://profilemiami.com/miamirealestate/2026/3/23/witkoff-and-ocean-terrace-holdings-reveal-new-images-of-robert-am-smith-architects-designed-ocean-terrace-in-miami-beach
- Witkoff Group — official project pagehttps://www.ocean-terrace.com/