Kolter Group and BH Group are approaching control of Port Royale, an oceanfront condominium building at 6969 Collins Avenue in Miami Beach's North Beach neighborhood.
The joint venture now owns a majority of units in the property, a key step in a potential bulk buyout that would allow the developers to pursue a redevelopment of the site.
The partners intend to replace the existing building with a luxury condominium complex, according to Commercial Observer. The acquisition campaign has been underway since July.
Oceanfront assemblages in Miami Beach can offer developers a route to new high-end housing where available development land is limited. The Port Royale effort remains dependent on the joint venture completing the remaining unit purchases and advancing its redevelopment plans.
