A massive revitalization project is underway in Miami Beach, with over $4 billion in new investments aimed at transforming the iconic Lincoln Road. The plan includes extending the historic pedestrian mall directly to the ocean for the first time, a move accompanied by the development of some of the city's most exclusive residential towers.
This extensive redevelopment seeks to restore the street's former glory and fulfill a decades-old architectural vision, creating a seamless, walkable district from Biscayne Bay to the Atlantic shoreline.
Key Takeaways
- Over $4 billion is being invested in the redevelopment of Miami Beach's Lincoln Road.
- A core part of the project is a $12 million public-private partnership to extend the road to the ocean.
- New ultra-luxury condominium projects, including the Ritz-Carlton Residences, are central to the plan.
- A penthouse at the new Ritz-Carlton is listed for $125 million, signaling a new peak for the local market.
- The revitalization also includes new office spaces, high-end retail, restaurants, and public art installations.
Fulfilling a Historic Vision
Lincoln Road, once celebrated as the “Fifth Avenue of the South,” was originally designed by developer Carl Fisher and later reimagined in the 1950s by influential architect Morris Lapidus. For years, however, the pedestrian thoroughfare has been marked by vacant storefronts and shops catering primarily to tourists.
The new project aims to change that by finally realizing Lapidus's unfulfilled dream. “Morris Lapidus’ dream was to have Lincoln Road start from the bay and meet the ocean,” explained Pietro Belmonte of the Douglas Elliman real estate team. “That was never quite realized.”
Currently, the road terminates in a cul-de-sac just before the beach. The new plan, driven partly by Sobe Sky Development, will create a direct connection. A $12 million beachwalk project will feature a gateway inspired by Lapidus's style, new public art, and improved pedestrian access, bridging the final gap to the sand.
A Storied Past
Morris Lapidus was a key figure in shaping the look of Miami Modern (MiMo) architecture in the mid-20th century. His designs for hotels like the Fontainebleau and Eden Roc defined an era of glamour. The plan to extend Lincoln Road honors his original, expansive vision for a grand public promenade.
The New Wave of Luxury Living
Anchoring the redevelopment are several high-profile residential projects that are redefining luxury in South Florida. The most prominent is the forthcoming Ritz-Carlton Residences, South Beach, a 15-story tower with just 30 exclusive homes.
Prices for these residences begin at $4.25 million. The crown jewel is a sprawling penthouse, created by combining two units, which is currently on the market for an astonishing $125 million. If sold at its asking price, it would be one of the most expensive residential sales in the city's history.
The $125 Million Penthouse
- Size: 14,638 square feet
- Bedrooms: 13
- Bathrooms: 15 full baths
- Features: Two private pools—one for sunrise and one for sunset views.
This project is setting a new benchmark, drawing comparisons to the nearby Shore Club redevelopment. In 2024, a penthouse at the Shore Club, designed by Robert A.M. Stern Architects, sold for $120 million. That development, which includes an Auberge Resorts Collection hotel and 49 residences, is nearly sold out.
The remaining units at the Shore Club's Cromwell House, an original Art Deco building on the property, start at $9 million. These successful sales have created strong market confidence for the new Ritz-Carlton project.
More Than Just Condos
The revitalization of Lincoln Road extends beyond residential towers. The city is contributing to the effort with new landscaping, enhanced sidewalks, additional outdoor seating, and a new amphitheater to host public events.
Commercial development is also booming. New office buildings are rising on adjacent side streets, designed to attract high-end tenants. One such project by developer Robert Rivani will feature a speakeasy, multiple restaurants, and a location for the Los Angeles-based Monarch athletic club.
“We are bringing the people who are bringing the shops and chefs,” Belmonte said, referring to the affluent buyers the new developments are attracting. He noted that renowned chef José Andrés is already at the Ritz-Carlton hotel, with other major culinary names expected to be announced for the reopened Delano hotel and the Auberge resort.
In a notable move, Playboy has signed a 10-year lease for the penthouse of Rivani's Michigan Avenue building, with plans to open a private members-only club. This, along with the scheduled reopening of the iconic Delano hotel next year, signals a return of sophisticated nightlife and entertainment to the area.
A New Epicenter for Miami Beach
The combined effect of these public and private investments is intended to transform Lincoln Road from a tourist-heavy strip into a vibrant, walkable neighborhood for residents and visitors alike. By attracting a new class of billionaire buyers and high-end commercial tenants, developers hope to create a self-sustaining ecosystem of luxury retail, fine dining, and cultural activity.
The goal is to restore Lincoln Road's status as the true heart of Miami Beach. As the historic street finally touches the ocean and is surrounded by a new generation of architectural landmarks, it is poised to become one of the most desirable addresses in the world.
