Safe Harbor to reopen Ocean Drive's Tides after 9 years dark

Safe Harbor plans to reopen the 45-key Tides hotel at 1220 Ocean Drive in Miami Beach, which has been shut since storm damage in fall 2017. County records show the property changed hands in May 2026 at a $10,300 winning bid, and the 2026 assessed value is $6,575,601. The company’s own target is a November opening.

Why it matters

The Real Deal reported on October 9 that Safe Harbor plans to reopen the renovated Tides hotel at 1220 Ocean Drive, Miami Beach, which has been shuttered since storm damage in fall 2017. Per the outlet, the company says it expects to reopen next month and is talking with hotel operators and chefs on the food and beverage program. No operator has been named.

The recovery is unusual: the lender, not a hospitality developer, ends up as the owner. Safe Harbor Equity bought a roughly $42 million loan from Ocean Bank in 2021, sued, and won a foreclosure judgment against Chetrit Group affiliates that Bisnow put at about $95.6 million. We covered the owner’s collapse in Chetrit Group dissolves amid family dispute. More Ocean Drive coverage sits on the South Florida hub.

The numbers

Miami-Dade Property Appraiser records for folio 02-3234-008-0410 show a certificate of title dated May 21, 2026, from CG Tides LLC to SHEDDF3 VNB LLC at $10,300, recorded in Official Records Book 35321, Page 4411. That matches the $10,300 winning bid Bisnow reported from the March 9 online auction. We have not confirmed that SHEDDF3 VNB is a Safe Harbor entity; the appraiser lists it in care of Lynx Law PLLC.

The parcel is a 13-story, 45-unit hotel on 13,000 square feet, with a 2026 assessed value of $6,575,601, almost all land ($6.5 million), down from $7,876,628 in 2025. The Chetrit entity assembled the site in 2016 and 2017 through six deeds, from $510,200 up to $2,323,000, the last at $908,000. Bisnow said the foreclosure also covered adjacent sites on Collins Avenue and a garage at 1155 Collins.

The Real Deal also reported a $44 million Maxim Credit Group mortgage backing the reopening, per secondary summaries we could not verify against the walled article. The renovation cost has not been disclosed, and we have not yet pulled the Miami Beach permit that would show its value.

What’s next

Watch for the opening date, an operator announcement and the renovation permit value. The Chetrits’ appeal of the final judgment was reported as pending, and Safe Harbor told the outlet it would consider a sale at the right price. A November opening is the company’s own target and could slip.