Kolter, BH launch sales for waterfront North Miami condo project
Posted on April 24, 2024 | The Real Deal
Kolter’s urban division and BH Group are launching sales for Solana Bay, a planned waterfront condominium in North Miami.
The joint venture is developing the 10-story boutique building with 52 units at 2305 Northeast 123rd Street on the site of the White House Inn, a shuttered two-story hotel completed in 1969. Delray Beach-based Kolter Urban and Aventura-based BH tapped Douglas Elliman as the exclusive sales agent, and a sales gallery is opening later this month, a press release states.
Overlooking Keystone Point, Bay Harbor Islands and Indian Creek, Solana Bay is designed by Coconut Grove-based Arquitectonica. Floor plans show two-, three- and four-bedroom units ranging from 2,200 square feet to more than 4,000 square feet, the release states. Prices will start at $2.3 million, a spokesperson for the joint venture said.
Units will feature private foyers, oversized primary bedrooms with unobstructed water views and large terraces. Amenities will include a rooftop pool, an executive board room overlooking Biscayne Bay, 450 feet of water frontage and an entertainment lounge, the release states.
In January, Kolter Urban and BH paid $20 million for the 1.1-acre site. Centennial Bank provided the joint venture an $11 million land acquisition loan. BH had previously partnered with Coconut Grove-based Related Group and Israeli billionaire Teddy Sagi to redevelop the White House Inn property. But Related and Sagi decided to pull out of the project after the North Miami City Council approved the development last year. An affiliate of Related, BH and Sagi sold it to an affiliate of Kolter Urban and BH.
Kolter Urban’s parent company, Kolter Group, is led by CEO Bobby Julien. The firm has been involved in more than $29 billion of residential projects throughout the Southeast that are either completed or under construction, the release states.
Led by Liat and Isaac Toledano, BH is among the most active real estate development and investment firms in South Florida. In November, the company also partnered with Kolter to acquire an 84-room hotel in Miami Beach. The joint venture paid $24 million for the Crystal Beach Suites Miami Oceanfront Hotel.
More recently, BH teamed up with Süzer Group, an Istanbul, Turkey-based private equity firm, to possibly acquire one of the tallest hotels in South Florida. The partnership is under contract to purchase the W Miami, a 50-story building with 148 rooms in Miami’s Brickell neighborhood.
