Terra Proposes 14-Story Office Tower at Miami Beach Marina

Terra and Suntex Marinas have submitted plans to redevelop the Miami Beach Marina with a 14-story office building, marking their second major attempt to transform the waterfront property after voters rejected a residential tower proposal in 2020.

The new development would replace the existing three-story building at 344 Alton Road, currently home to Monty's Sunset restaurant. The project includes ground-floor retail space that would accommodate the relocated restaurant and a police substation, three levels of parking, and 10 floors of office space.

The Miami Beach Commission is expected to refer the proposal to committee review next month before it advances to the planning board in June. The development requires approval from both the city commission and a majority of voters through a referendum process, though it does not need rezoning approval.

Under the current proposal, the marina's retail footprint would decrease from 63,000 square feet to 45,000 square feet. However, parking capacity would increase significantly from 160 surface spaces to 480 garage spaces, addressing a chronic shortage at the popular waterfront destination.

Dallas-based Suntex operates the marina through a lease agreement with the city dating back to 1983. The facility features 400 boat slips accommodating vessels up to 250 feet in length, making it one of South Florida's premier marina destinations.

The developers are proposing extensive marina improvements as part of the redevelopment package, including upgrades to the popular Baywalk and a new 99-year lease agreement with the city. Terra's David Martin indicated the plan would restrict commercial charter boat activity and provide preferential treatment for Miami Beach residents seeking slip rentals.

This proposal represents a strategic pivot from Terra and Suntex's previous residential development attempt. In 2020, voters narrowly defeated their plan for a 38-story condominium tower containing 60 units and 45,000 square feet of retail space, plus a one-acre public park and marina improvements. That rejected proposal included a $55 million payment to the city for land and air rights.

Interestingly, while voters rejected the residential component in 2020, they approved Terra and Suntex's long-term lease to operate and upgrade the marina facility, suggesting community support for marina improvements without high-rise residential development.

Terra ranks among South Florida's most active developers, currently partnering with Jackie Soffer's Turnberry on a 17-story, 800-room hotel project adjacent to the Miami Beach Convention Center. That development secured a $392 million construction loan from Adi Chugh's Tyko Capital approximately one year ago, demonstrating Terra's continued investment capacity in major Miami Beach projects.

The marina redevelopment proposal reflects broader trends in Miami Beach's commercial real estate market, where developers are increasingly focusing on office and mixed-use projects rather than residential towers, particularly in waterfront locations where community resistance to high-density housing remains strong.