72 Park Miami Beach: Miami Beach's First Officially Short-Term-Rental Approved Luxury Building

22-story luxury tower at 580 72nd Street, the first Miami Beach luxury building officially approved for short-term rentals. Developed by Lefferts Development, with nearly one acre of resort amenities and Ezio's Steakhouse on the ground floor. Limited remaining inventory in 2026 as North Beach repositions from underbuilt overlooked corridor into Miami Beach's investor-friendly submarket.

For about 30 years, North Beach was the part of Miami Beach that the rest of Miami Beach ignored. South Beach got the nightlife, Mid-Beach got the resorts, and North Beach sat with aging Art Deco rental buildings, a working-class demographic, and almost no new development.

That is no longer the story.

72 Park is one of the projects that flipped North Beach's narrative. It is a 22-story luxury tower at 580 72nd Street, developed by Lefferts Development, and it has the distinction of being the first luxury Miami Beach building officially approved for short-term rentals under the city's then-new policy. That single regulatory difference makes the investment math fundamentally different from almost every other Miami Beach condo built in the last twenty years.

The Project at a Glance

72 Park features floor-to-ceiling glass with panoramic Atlantic Ocean views from most units, modern open floor plans designed for indoor-outdoor living, and nearly one acre of resort-style amenities including landscaped indoor and outdoor pool decks, fitness facilities, and lounge spaces. High-end retail and restaurant venues are integrated into the ground floor, anchored by Ezio's Steakhouse.

The most important feature, though, is not the steakhouse or the views. It is the short-term rental approval.

The Short-Term Rental Story That Changed Miami Beach Investing

Miami Beach has historically been hostile to short-term rentals in most of its residential zones. Outside of designated zones, short-term rentals have been prohibited or heavily restricted, with fines that started at $20,000 for first offenses.

That regulatory environment created a Miami Beach investor problem: you could own a $2M oceanfront condo but you could not legally rent it for less than 6 months at a time. The result was that Miami Beach luxury condo investment yields were structurally lower than in Brickell or Sunny Isles.

72 Park was specifically zoned and built to allow short-term rentals as of right. That changes the math. A Miami Beach oceanfront unit that can be Airbnb'd is structurally worth more than the equivalent unit that cannot, because the rental cash flow potential is dramatically higher.

Miami Market Snapshot — May 2026

• Median condo sale price in North Beach: $612,000 (up 5.8% YoY, the highest growth of any Miami Beach submarket)
• Active condo inventory in North Beach: ~580 units, roughly 11 months of supply
• Average North Beach short-term rental nightly rate (Q1 2026): $385, up 9% YoY
• Miami-Dade short-term rental approval rate among new luxury buildings since 2023: less than 12%

Why North Beach Is the Right Submarket in 2026

North Beach in 2026 is in the position Mid-Beach was in 2018. Median prices are roughly 38% below South Beach for comparable oceanfront units. Inventory of newer construction is growing but still thin. Demographics are shifting toward younger international buyers and second-home investors from the Northeast and Latin America.

The corridor between 65th Street and 87th Street is absorbing the next wave of Miami Beach luxury demand because South Beach is built out, Mid-Beach is priced out, and North Beach has both walkable beach access and the cheapest waterfront land in the city.

What the Building Actually Feels Like

72 Park is not trying to be a flashy Brickell-style tower. The aesthetic is calmer, more residential, more "Miami Beach grown up." The amenity deck is sized for actual use, not for marketing photos.

Atlantic-facing units are the obvious draw. North Beach is one of the only Miami Beach corridors where you can still buy an Atlantic-facing unit in a new building under $2M, though the inventory is thinning fast. City-facing units trade at roughly 22% to 30% discount to ocean-facing units — a legitimate value play for buyers who do not need the ocean view daily.

Ezio's Steakhouse on the ground floor is a meaningful amenity, not just a tenant. The presence of a destination-grade restaurant in the building's base anchors the project's status and gives owners a daily luxury they do not have to drive for.

The Investment Math in 2026

For an investor running 72 Park as a short-term rental, the realistic underwriting in May 2026:

• Entry pricing: $850K to $2.4M+ depending on size, floor, and orientation
• Average nightly rate for a 1-bedroom: $280 to $385 high season, $180 to $240 shoulder season
• Occupancy averaging 68% to 78% annually for professionally managed STR units in North Beach
• Gross annual STR revenue for a typical 1-bedroom: $85,000 to $115,000
• Net cash yield after 25% management fees, HOA, taxes, insurance, and operating expenses: 4.5% to 6% on the all-in purchase price

For a Miami business owner looking for a non-correlated asset that generates strong cash yield in dollars, this is a credible candidate.

Who 72 Park Is Right For

• Short-term rental investors who want a legal Miami Beach STR play in a luxury building
• Second-home buyers from the Northeast or Latin America who want a turnkey beach pied-à-terre with rental optionality
• Lifestyle buyers who want to live full-time in a quieter, residential part of Miami Beach without giving up oceanfront amenities

Less ideal for: buyers who want South Beach nightlife at their front door (it is a 15-minute drive south), buyers who want a single-family beach home (this is a condo), and buyers who do not want any rental activity in their building.