New 38-story condo tower unveiled on Ocean Drive, replacing the historic Savoy Hotel
A new 38-story condo tower on Ocean Drive is moving forward at 425 Ocean Drive in Miami Beach, where plans filed under Florida’s Live Local Act call for a major redevelopment of the historic Savoy and Arlington hotel properties.
Designed by Arquitectonica, the proposed Savoy tower would introduce 90 luxury condominiums, 60 workforce rental apartments, and a 76-room hotel to one of South Beach’s most recognizable waterfront corridors.
A Dramatic New Addition to Ocean Drive
The proposed 38-story development would dramatically change the skyline along Ocean Drive, a stretch best known for its collection of low-rise Art Deco and Mid-Century Modern architecture.
The tower is planned to reach approximately 480 feet, creating a striking contrast with the historic buildings that currently define the area.
Despite its height, the project is being designed to maintain a connection with the existing streetscape. The new building would be positioned to align with the preserved portions of the historic Savoy and would be designed around the scale of the existing Ocean Drive frontage.
90 Luxury Condos Planned for the Tower
The residential component will consist of 90 condominiums occupying the tower, with residences averaging approximately 2,851 square feet.
The development also includes plans for 257 parking spaces, providing dedicated parking capacity for the property's various uses.
The combination of large residences and an oceanfront South Beach location positions the project within Miami Beach's luxury residential market, where new development opportunities remain limited.
For buyers interested in the area's residential market, explore Miami Beach real estate and Miami luxury condos.
Workforce Housing Included in the Development
Alongside the luxury residences and hotel, the proposal incorporates 60 workforce rental units.
These apartments would be located within the lower portion of the parking podium facing Ocean Drive. With an average size of approximately 525 square feet, the units would primarily consist of one-bedroom apartments along with studios.
The workforce residences would be reserved for renters earning no more than 120 percent of the area's median income, with the affordability requirement extending for at least 30 years.
The inclusion of workforce housing is tied to the project's filing under Florida's Live Local Act, adding a significant affordable housing component to the redevelopment.
Historic Savoy Lobby to Be Preserved
The redevelopment will require the demolition of the entire Arlington Hotel and most of the existing Savoy structure.
However, an important portion of the historic property will remain. The project's plans call for the Savoy's architecturally significant lobby to be retained and restored, along with a small section of its Ocean Drive facade.
The preserved elements are intended to provide a physical connection between the historic hotel and the new tower. The developer's plans call for the new street frontage to complement the scale of the existing hotels while aligning with the restored lobby and preserved facade.
Balancing New Development With Miami Beach History
The proposed project represents a significant transformation for one of Miami Beach's most recognizable architectural settings.
Rather than completely removing the historic Savoy identity, the plans incorporate portions of the original structure into the new development. The preservation of the lobby and facade creates a link between the property's past and its proposed future.
The project also highlights the ongoing tension between historic preservation and new residential development in Miami Beach, particularly along Ocean Drive, where architectural character plays a major role in the identity of the neighborhood.
What the Ocean Drive Project Could Mean for Miami Beach
The proposed Savoy redevelopment would introduce a substantial new residential and hospitality presence to Ocean Drive while adding workforce housing to the project.
Its combination of luxury condominiums, hotel rooms, and income-restricted rentals reflects the increasingly mixed-use nature of new development in South Florida.
For a broader look at the city's evolving property market, explore Miami real estate market trends.
FAQs
1. What is planned for 425 Ocean Drive in Miami Beach?
A 38-story mixed-use tower called The Savoy is proposed for 425 Ocean Drive, featuring condominiums, workforce housing, and a hotel.
2. How tall will the new Savoy tower be?
The proposed tower is planned to rise 38 stories and approximately 480 feet.
3. How many condos will the project include?
The development is planned to feature 90 condominiums averaging approximately 2,851 square feet.
4. Will the new project include workforce housing?
Yes. The plans call for 60 workforce rental units reserved for residents earning up to 120 percent of area median income for at least 30 years.
5. What will happen to the historic Savoy Hotel?
Most of the existing Savoy would be demolished, but the architecturally significant lobby and a small portion of its Ocean Drive facade would be preserved and restored.
6. What will happen to the Arlington Hotel?
The entire Arlington Hotel is proposed to be demolished as part of the redevelopment.
7. Who designed the new Savoy tower?
Arquitectonica is responsible for the design of the proposed 38-story tower.
8. Where is the proposed Savoy development located?
The project is planned for 425 Ocean Drive in Miami Beach's South Beach neighborhood.
