Kolter Expands Development Site for Luxe Miami Beach Condo
By Julia Echikson January 22, 2026 4:50 pm
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The Kolter Group has closed on the purchase of an oceanfront hotel in Miami Beach to expand the development site for its luxury condo development next door.
The Delray Beach-based development firm paid $26 million for the four-story, 63-room building at 6979 Collins Avenue in Miami Beach’s North Beach neighborhood, property records show. The property is to be demolished to make way for Kolter and joint venture partner BH Group’s plan for a 17-story condo building with 37 units and 947 square feet of commercial space. The project is designed by Kobi Karp.
The latest acquisition increases the JV’s development site up to 2 acres. In 2023 the duo paid $24 million for the property next door: a 84-room hotel at 6985 Collins Avenue, adjacent to 71st Street.
In tandem with the recent purchase, Wells Fargo supplied a $41 million mortgage that covers both North Beach properties, which date to 1950 and 1936. Both are about nine miles north of Downtown Miami.
Last year, the developers also entertained selling 6985 Collins Avenue, putting it on the market for $110 million, though no sale closed.
North Beach, a sleepy, residential neighborhood, is seeing a rush of new condo development.
Last year, Lefferts and Russel Galbut’s family office, GFO Investment, completed a 270-unit development and have launched sales for another. Also, Constellation Group and The Boschetti Group nabbed a $42 million construction loan for a 10-story, 103-unit condo building.
A representative for Kolter did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
