Six years after purchasing the land, the developer of the Ritz-Carlton Residences in Miami Beach has received a temporary certificate of occupancy that will give residents and owners access.
The city of Miami Beach must still approve a permanent certificate.
The project spans 7 1/2-plus acres at 4701 Meridian Ave. At 111 units and 15 villas, it is the largest adaptive residential project to reuse an existing building.
“The biggest challenge was working with an existing structure and creating something unique,” said Ophir Sternberg, founding partner and chief executive officer of developer Lionheart Capital.
Ritz-Carlton Residences is over 70% sold with a mix of local, South American and European buyers. With the project complete, the remaining units available are expected to fill up through word of mouth, Sternberg said.
Most homes range from 2,000 to 10,000 square feet with prices starting at $2 million. The largest residence, a two-story penthouse, offers 25,589 square feet of indoor and outdoor space and was priced at $40 million in 2018.