10-21-2013 11:27 AM

Miami Heart Institute demolition makes way for Ritz

Long rumored and reported, developer Lionheart Capital has confirmed the Miami Heart Institute will be redeveloped into the Ritz-Carlton Residences Miami Beach.
The Miami Herald is reporting that Ophir Sternberg plans 126 residences and 15 single-family homes on the site he paid $20 million to own.
Miami Beach-based Lionheart has a 30-year licensing and management agreement with Ritz for the property at 4701 Meridian Ave. Demolition of the former hospital has already begun.
Lionheart also developed The Ritz-Carlton Residences Singer Island, Palm Beach, which is nearly sold out.
Oscar Pedro Musibay covers real estate.

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