Kolter Group has acquired the Normandy Plaza Hotel, a condemned waterfront property in Miami Beach, for $26 million. The purchase is part of a larger redevelopment plan that includes the adjacent Crystal Beach Suites Miami Oceanfront Resort.
The Normandy Plaza Hotel, located at 6979 Collins Avenue, was built in 1936 and designed by architect L. Murray Dixon. Vilarino Property Group sold the 63-room hotel to Kolter after purchasing it for $6.7 million in 2007. The building has been vacant since 2013 and was declared unsafe by Miami-Dade County in 2018.
Wells Fargo provided Kolter with a $41 million mortgage secured by both the Normandy Plaza and Crystal Beach properties. Kolter and BH Group, which bought the Crystal Beach Suites at 6985 Collins Avenue for $24 million in 2023, received approval from the Miami Beach Preservation Board last September to demolish both hotels.
The joint venture between Kolter and BH Group plans to build a new condominium tower on the site. According to city records, “The joint venture is planning a 19-story condominium with 37 units and 86 parking spaces. Miami-based Kobi Karp is the architect.” Although neither hotel is designated as a historic landmark, their location within North Beach’s historic district required review by the preservation board.
Last year, Kolter and BH listed Crystal Beach for sale with an asking price of $110 million but have since decided not to sell, according to sources familiar with their redevelopment plans. Representatives from both companies did not respond to requests for comment.
Kolter and BH are also collaborating on Solana Bay, another condominium project in North Miami where sales began last year.
