Real Estate
Home›Real Estate›Residential›Kolter and BH Group near full control of Port Royale c…
Kolter and BH Group near full control of Port Royale condo site
The joint venture has spent $61.6 million since July to acquire 163 of 172 units at 6969 Collins Avenue, according to property records analyzed by Vizzda.
Developers Kolter Group and BH Group are close to completing their assembly of an oceanfront Miami Beach site, with plans to redevelop it into a luxury condo complex, Commercial Observer reports.
The joint venture now owns the majority of units in the Port Royale condo building at 6969 Collins Avenue in the North Beach neighborhood. Since July, it has paid $61.6 million to acquire 163 units within the 172-unit building, based on an analysis of property records by data company Vizzda, first reported by the Business Journals.
The building had previously faced safety issues, with Port Royale residents evacuated after the 55-year-old property was deemed unsafe, CBS Miami reported. The story also cites the 2021 evacuation after the deadly collapse of the nearby Champlain Towers South condo building.
Commercial Observer links the condo sales to state reforms passed after 2021, which it says have increased building maintenance fees for some condo owners, prompting some to sell to developers.