New York developer and Miami Dolphins owner Stephen Ross wants to buy the historic Deauville Miami Beach, with plans for a luxury oceanfront development.
The 3.8-acre resort at 6701 Collins Avenue is in the midst of demolition, following a yearslong legal saga between the city and the property owner, as the building continued to fall into disrepair. Ross is proposing a hotel and luxury condos on the site, according to a press release.
The billionaire founder and chairman of the Related Companies’ specific development proposal remains in question, as it would likely require approval from the Miami Beach Historic Preservation Board, as well as approval from residents.
Oceanfront property would likely sell for hundreds of millions of dollars
Miami Beach Mayor Dan Gelber made the announcement on Monday morning via email, stating that he would be asking city commissioners to place an item on the November ballot for Miami Beach voters that would give Ross “the ability and flexibility to do something transformative.”
It’s unclear if Ross is in contract to buy the property, but Gelber said Ross “signed documents that will allow him to acquire and control the parcel” and said architect Frank Gehry would design the proposed development. Related and the city did not immediately respond to requests for more information.
The Miami Beach mayor wrote that he would not support any development on the property “unless I know that Steve will remain the developer,” citing “too many examples of folks buying and flipping parcels for quick payoffs, leaving the city with undeveloped and vacant properties for too many years.”
By Katherine Kallergis for www.therealdeal.com
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