Surfside Mayor Charles W. Burkett confirmed to CNN's Leyla Santiago that there is at least one fatality.
Video from the scene shows huge piles of rubble near the damaged building -- 8777 Collins Avenue -- as well as a large number of first responders.
Rescue teams scrambled to the scene a few miles north of Miami Beach. More than 80 rescue units responded, MIami-Dade Fire Rescue said.
Kimberly Morales told CNN she lives in the building across the street from the collapse and was awakened by building alarms going off and pounding on her door.
"I woke everyone up in the room because when I looked out the window, I saw everyone outside," she told CNN. "I told everyone to hurry up and leave the building."
Morales said she didn't hear the building collapse but when she went outside, she saw a significant portion of the building was missing.
She's now in a community center with other evacuees, she said.
This is a developing story and will be updated.