There’s a buzz in South Beach, and it’s coming from a bold new project proposed by David Martin, CEO of Terra. At 1250 West Avenue, a bayfront condo tower is on the horizon, set to be reviewed by the Miami Beach Design Review Board this week. This isn’t just any building; it’s a 28-story marvel with up to 106 luxury condos planned on nearly 2 acres. If you’ve strolled past the aging Bay Garden Manor condominium, you’ll soon see something fresh and exciting in its place!
This new tower promises to be a standout, boasting a total area of nearly 480,000 square feet and a height of around 330 feet. With an average unit size of nearly 2,500 square feet, it’s designed to cater to those craving luxury living. Plus, there’ll be 250 parking spaces—definitely a bonus in this bustling area! The project, designed by ODP Architects based in Hollywood, is gearing up for a crucial vote at the Design Review Board meeting this Thursday. Fingers crossed!
What’s in Store for the Neighborhood?
Last summer, the Miami Beach City Commission approved a taller and slimmer design for the tower, which is a significant step forward. Interestingly, this project was initially led by Michael Stern’s JDS Development Group, which orchestrated a $120 million buyout of Bay Garden, including the Bikini Hostel property at 1247 West Avenue—now set to become a public park. Talk about a transformation!
While all this is happening, it’s worth noting that David Martin has taken the reins in a bit of a shakeup, having replaced Michael Stern through a consent to change control recorded earlier this year. It seems Martin has his hands full, not only with the condo tower but also with a legal spat surrounding the Deauville Beach Resort property at 6701 Collins Avenue. He’s facing a lawsuit from the Meruelo family, who allege fraud and breach of fiduciary duty related to his 25% stake in that property. Drama in the development world, huh?
Miami Beach Luxury Market Insights
Now, while developments like the South Beach tower are exciting, they’re also a reflection of the larger luxury condo market in Miami Beach. According to the Miami Residence Realty index, as of May 12, 2026, the luxury condos in the area are priced at about $601 per square foot, totaling around $9.66 billion in value. That’s some serious cash floating around!
Interestingly, the maximum sale price recorded recently hit a staggering $78.9 million, while the minimum was just $69,000. It’s a wild ride with median and average prices showing some fluctuations over time. And for those keeping an eye on rental prices, they range quite a bit—from a jaw-dropping maximum of $240,000 to a more modest $1,500.
Miami Beach continues to be a hotspot for luxury real estate, and as new developments like the one proposed by Terra take shape, it’s clear that the market is evolving. Whether you’re a buyer, investor, or just a curious observer, there’s no denying the excitement in the air. The future is looking bright for South Beach!