Miami Beach Developers Propose 25-Story Mixed-Use Tower and Historic Hotel Restoration

Developers Pebb Capital, Maxwell Real Estate Group, and GFO Investments are pursuing a significant mixed-use project at 1501 Collins Avenue in Miami Beach, Florida. The proposal involves the restoration of the historic 1939 Art Deco Bancroft Hotel and the construction of a new 25-story tower. This venture aims to replace the hotel's 1990s dining space with new residences and hotel keys, totaling over 400,000 square feet of new construction.

The planned 325-foot-high tower will encompass 487,633 square feet of build-up area, featuring 124 residences. Of these, 50 units are designated as workforce housing, averaging 470 square feet, for households earning up to 120 percent of the area median income. The remaining 74 units will be luxury condominiums. Additionally, the tower will include 42 hotel rooms. Both residential and hotel components will have access to amenities, including resort-style swimming pools and various interior offerings. This project leverages the Live Local Act, indicating a strategic approach to development that incorporates affordable housing components within a high-value market. For developers, this represents a major opportunity to blend historic preservation with modern high-density residential and hospitality offerings in a prime Miami Beach location.