The view is looking north-northwest. The large building at the northwest corner of the Lincoln Road and Washington Avenue intersection was the home office of Miami Beach Federal Savings & Loan Association, the #2 federally chartered savings and loan in the country. My dad worked there in the 50's and 60's until he transferred to the Norwood branch to be closer to home. Miami Beach Federal's name was changed to Financial Federal in the 70's because of branch offices established on the mainland. Financial Federal then became NationsBank and then part of Bank of America.
The Miami Beach Auditorium is above Miami Beach Federal further north on Washington Avenue.
As I recall, Lincoln Road was turned into a pedestrian mall only a year or two before this photo was taken.