The developers of Ritz-Carlton Residences, South Beach are moving forward with plans to revamp a portion of Lincoln Road.
Miami Beach commissioners approved a resolution last month for the streetscape improvement agreement covering the 100-300 blocks of Lincoln Road. A partnership between Lionstone Development, the Ben-Josef Group and Flag Luxury Group are kicking in $4 million for the $12 million first phase, which includes the beach entrance and the 100 block.
Flag Luxury, Lionstone and Ben-Josef, owners of the existing Sagamore and Ritz-Carlton South Beach hotels at 1671 Collins Avenue and 1 Lincoln Road, plan a 15-story, 30-unit condo tower on the property, which the developers are branding Billionaires’ Beach.
Pricing for the condos started at $4.3 million and run as high as $125 million for a combined penthouse. The development, designed by Kobi Karp Architecture & Interior Design, will include 50,000 square feet of amenities. Douglas Elliman’s Eklund-Gomes Team is leading sales. In April, Fredrik Eklund posted on Instagram that buyers signed three contracts totaling $44 million in new deals at the project, adding to previously undisclosed presales.
The Ritz-Carlton Residences will be completed in 2028, according to a spokesperson for the project.
The Lincoln Road streetscape project could be completed at the same time or toward the end of construction of the condo project. The city will manage construction. A city memo issued in July stated that the design will be completed by next spring. Construction could start in the spring of 2027 and be completed within a year.
Commissioner Alex Fernandez, who sponsored the resolution, said the project will help “bring back safety, bring back beauty and pride to this neglected area.”
Peter Kanavos, a partner and senior vice president of planning and development at Flag Luxury Group, told commissioners that he expects about $1.8 million to $2 million of the developers’ contribution to go toward soft costs, which includes the design. Naturalficial, led by Andres Arcila, is designing the 100 block of Lincoln Road to include a display of public art, traffic and life safety improvements and a Morris Lapidus-inspired gateway monument.
The county bus stop is expected to be relocated to Washington Avenue, Kanavos said.
The state is also contributing nearly $4.9 million in funding for hard costs, and the city is providing another $4 million in funding.
Across from the Ritz, Alo Yoga plans to open a new store and private health club that will take the place of a shuttered Walgreens pharmacy on the ground floor of the Decoplage condominium at 100 Lincoln Road. The Miami Beach Historic Preservation Board approved Alo’s plans earlier this year.
Sobe Sky Development, the Flag Luxury, Ben-Josef and Lionstone venture, is also involved in later phases to revamp the 200 and 300 blocks of Lincoln Road.
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