Sobe Sky Development — a partnership between Flag Luxury Group, Ben-Josef Group (BJGH), and Lionstone Development — has secured a $61.2 million predevelopment loan from BHI, the U.S. division of Bank Hapoalim, to advance The Ritz-Carlton Residences, South Beach. This financing marks a pivotal step in bringing the ultra-luxury project to life, introducing 30 custom-designed beach houses within a new tower overlooking the Atlantic Ocean and Miami Beach’s famed shoreline.

Residences are conceived to capture South Beach’s iconic coastal views, with floor-to-ceiling glass walls, 10-foot ceilings, and expansive wraparound terraces that blur the line between indoor and outdoor living. Interiors, crafted by Studio Munge’s Alessandro Munge, feature luminous natural stone finishes, bespoke cabinetry, and contemporary detailing. Kobi Karp Architecture designed the tower, while Naturalficial is overseeing the landscaping, creating lush, layered outdoor spaces. Over 50,000 square feet of private amenities will include a rooftop pool and cabanas, a state-of-the-art fitness center, a screening room, and culinary experiences by Michelin-starred chef José Andrés. Residents will also have privileged access to services at The Ritz-Carlton, South Beach and the adjacent Sagamore Hotel, currently undergoing a major renovation.

Strategically positioned at the eastern end of Lincoln Road, the project stands at the heart of Miami Beach’s revitalization. Sobe Sky Development has partnered with the City of Miami Beach on a $12 million public-private initiative to transform the 100–300 blocks of Lincoln Road and the Beachwalk entrance. Plans call for reimagined streetscapes, curated public art, and a new Morris Lapidus-inspired gateway monument linking the bay to the sea. Separately, the city has committed nearly $30 million in additional upgrades to enhance the promenade with expanded cultural programming and a more pedestrian-friendly design.

With pricing beginning at approximately $4.3 million, The Ritz-Carlton Residences, South Beach represents a rare convergence of timeless design, world-class hospitality, and one of South Florida’s most irreplaceable oceanfront locations.