What is Ocean Terrace and where is it?
Ocean Terrace is a 76-residence oceanfront development at 7400 Collins Avenue in Mid-Beach, Miami Beach, developed by Witkoff with Ocean Terrace Holdings. On the developer's sheets, prices run from $3,250,000 (resort residence 612, March 6, 2026 availability) to $18,050,000 (residence 2001, September 25, 2026 list), and delivery is estimated for the first quarter of 2029.
This is the northern part of Miami Beach, on the ocean side of Collins Avenue, not South Beach. You are closer to North Beach Oceanside Park and the Normandy Isles than to the Art Deco district, and that is part of the appeal: quieter blocks on the sand, with South Beach and Bal Harbour each a short drive away.
What does Ocean Terrace cost?
From the developer's sales team, September 25, 2026: residence 604 at $11,100,000, 704 at $11,250,000, 1403 at $11,625,000, 1803 at $13,350,000, 2003 at $13,850,000 and 2001 at $18,050,000. The March 6, 2026 resort residences sheet starts at $3,250,000 for residence 612. Pricing changes as residences sell, so treat any figure older than a few weeks as a starting point for a conversation, not a quote.
How does the deposit schedule work?
Ocean Terrace Deposit Schedule: 20% at contract | 10% at groundbreaking | 10% at top-off | 60% at closing, estimated Q1 2029.
On an $11,100,000 residence that is $2,220,000 at contract, $1,110,000 at groundbreaking, $1,110,000 at top-off and $6,660,000 at closing. Plan the closing balance from day one, cash or mortgage, and have your attorney review the deposit escrow provisions in the purchase agreement.
Who is developing Ocean Terrace?
Ocean Terrace is developed by Witkoff together with Ocean Terrace Holdings. Ask for the developer entity named in the purchase agreement, since that is the party you contract with, and review the offering documents with your attorney before signing.
Why do buyers look at Miami Beach?
Three reasons come up in almost every conversation I have. Florida has no state income tax, which matters for buyers relocating from high-tax states; ask your tax advisor what residency means for you. The United States offers strong property rights and a deep, liquid market in dollars, which matters to international buyers. And Miami Beach is simply a place people want to live, with the ocean, the restaurants and direct flights to Latin America and Europe.
None of that is a promise about prices. Markets move in both directions, and no appreciation or rental income is promised on any property, including this one.
What are the Florida tax points to discuss with your advisor?
- No state income tax for Florida residents.
- Homestead exemption of up to $50,000 of assessed value on a primary residence, plus the Save Our Homes cap on annual assessment increases.
- Mortgage interest is deductible federally only within the current limits on acquisition debt.
These depend on your own situation. Get advice from a Florida tax professional before you structure the purchase.
What are the risks?
Construction and timing
Pre-construction purchases depend on the developer completing the building. Delivery is estimated for Q1 2029, and estimates can move. Read the completion and deposit provisions in the purchase agreement.
Market cycle
Real estate is cyclical, and a multi-year construction period means you buy at today's price and close in a market nobody can predict.
Interest rates
If you plan to finance the closing balance, today's rates are not the rates you will close at. Talk to a lender early.
How to buy at Ocean Terrace
- Get the current sheet: WIRE Miami sends the developer's current availability and floor plans.
- Structure the purchase: decide on personal, LLC or trust ownership with your tax and legal counsel.
- Plan the cash: 40% of the price in deposits before closing and 60% at closing.
- Choose the residence: floor, exposure and layout drive the price.
- Review and sign: have your attorney review the purchase agreement and condominium documents.
Ready to Explore Ocean Terrace?
Get the current availability and floor plans from WIRE Miami.
Call Adrian Sanchez: 786-477-6955FAQ: Ocean Terrace and Miami Beach
What is the entry price at Ocean Terrace? +
The lowest price on the developer's sheets is $3,250,000 (resort residence 612, availability sheet of March 6, 2026). The September 25, 2026 list tops out at $18,050,000 for residence 2001. Prices move as residences sell; ask WIRE Miami for the current sheet.
What is the deposit schedule at Ocean Terrace? +
20% at contract, 10% at groundbreaking, 10% at top-off and 60% at closing, estimated in Q1 2029, per the developer's sales team in September 2026. On a $3,250,000 residence that is $650,000 at contract and $1,950,000 at closing.
Can I rent my Ocean Terrace residence? +
Leasing and any rental program are governed by the condominium documents and program agreements. No rental income, yield or appreciation is promised. Get the documents and read them before you buy on a rental assumption.
When will Ocean Terrace be delivered? +
Delivery is estimated for the first quarter of 2029.
Can international buyers purchase at Ocean Terrace? +
Yes. Florida has no restriction on foreign ownership of condominiums. Structure the purchase (personal name, LLC or trust) with your own tax and legal counsel before you sign.
Conclusion
Ocean Terrace is a 76-residence oceanfront building in Mid-Beach by Witkoff, from $3.25 million on the developer's sheets, with a 20/10/10/60 deposit schedule and delivery estimated for Q1 2029. It is worth a close look if you want a new residence on the sand north of South Beach. Call me at 786-477-6955 for the current sheet and floor plans.