Miami Beach developer Silvia Coltrane is proposing changes to her North Beach hotel project, including adding condos to the mixed-use development.
Coltrane’s 72+ Collins Hotel falls within the North Beach Town Center district. The Miami Beach Commission voted on Wednesday to pass an ordinance on second reading increasing the floor area ratio for the properties between 69th Street, Collins Avenue, 72nd Street and Indian Creek Drive/Dickens Avenue to 3.5 from the current FAR, which ranges from 1.25 to 2.75. Commissioners also approved the North Beach Town Center Revitalization Overlay plan amendment.
The approval allows developers, in some cases, to more than double the density now allowed, boosting property values in the process. Other developers to benefit from the FAR increase include Sandor Scher and Alex Blavatnik, Matis Cohen and Aria Mehrabi.
Next, Collins and 72nd Developers LLC, a company led by Coltrane with partners Jordan Kavana, Jacques Bessoudo and Blavatnik, will go before the city’s planning and zoning and design review boards with the proposed changes. If they secure their approvals, Coltrane said the developers will break ground by August.
The new proposal calls for 187 hotel rooms, 24 condo units and hotel amenities that include a full-service restaurant with room service, a sports bar, piano bar, wine room, a larger lobby, meeting rooms and two swimming pools.
Coltrane said she plans to finance construction with a loan from a Spanish fund and to partner with a European hotel flag.
72+ Collins Hotel would also include retail space on the ground floor with outdoor seating and gardens.