Witkoff, Lefferts Turn North Beach Into a Proven Highrise Corridor

Miami Beach’s North Beach has stopped being a neighborhood developers were still buying one condo unit at a time and become a highrise corridor with eight residential towers in the pipeline, led by Witkoff Group and Lefferts.

Why it matters

A year ago, the story on North Beach was assemblage risk: Kolter and BH Group spending months buying out individual condo and hotel owners on Collins Avenue just to control half a block. That risk has now been priced out by results. Lefferts already delivered one tower and is selling units in a second at prices up to $10 million, and Witkoff has presold hundreds of millions of dollars in a project that has not broken ground. For developers weighing the next move in South Florida, North Beach has crossed from a speculative bet to a corridor with a track record, which raises the land basis new entrants have to clear and narrows the discount that made the early assemblage plays work.

The numbers

Lefferts delivered 72 Park, a 22-story, 206-unit tower, with closings starting in March 2025, and the building is now more than 90 percent sold. The developer, led by Mendy Chudaitov, followed it with 72 Carlyle, a 20-story, 134-unit tower at 600 72nd Street designed by Piero Lissoni, with units priced from $1.8 million to $10 million. Witkoff Group and Ocean Terrace Holdings are building the 76-unit Ocean Terrace Residences on a 350-foot stretch of oceanfront at Collins Avenue and Ocean Terrace, a 20-story tower of 52 condos plus a second building with 24 resort residences. Witkoff had sold $200 million of that project before breaking ground in October 2025; sales have since climbed toward $400 million.

What’s next

The eight-tower pipeline includes projects still in presale or under construction, among them Lefferts’ Palma, which broke ground in December, and Northlink Capital’s 7200 Collins, a 222-unit tower backed by an $85 million Deutsche Bank construction loan we reported in July. That loan closed at 96 percent presold, the same pattern now showing up at Ocean Terrace. The open question for the next mover is basis. Our own parcel work put one North Beach sponsor’s 2021 land cost at $693 a square foot; a nearby assemblage was marketed this year near $2,525 a square foot. Land in the corridor is pricing in the towers that already sold, not the ones still on paper.