Video: Ocean Terrace development agreement approved in exchange for a park

Commissioners from the city of Miami Beach gave the green light to Alex Blavatnik and Sandor Scher, developers of Ocean Terrace, to build 110 hotel rooms instead of 78. In exchange, they will invest $15 million to turn street portions and a parking lot encompassing the city block, into a public oceanfront park designed by Raymond Jungles, known by the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road.

Also included in the project is a 58-unit luxury residential building, 18,000 square feet of retail, and a 200-car parking garage partially within the shells of 12 renovated historic buildings. The hotel portion still has no brand, according to Scher.

The developers have eight years to complete the project. The park and streetscape improvements project should start as soon as permits are finalized, the design for the park is already approved by the Miami Beach Historic Preservation Board.

The developers should pay 75 percent of the valet parking expenses to the city until a parking garage is built.

The city will deed portions of 73rd Street, Ocean Terrace, and 75th Street to developers as part of the deal enhancing the developers’ land holdings on Ocean Terrace to 3.3 acres. This will grow their development rights to receive a 110-room hotel, which Scher emphasized is needed to draw a high-caliber brand.

Miami Beach will be granted complete control of the right-of-way, to ensure the public will have full control of the land.