A group of unit owners has put the Harbor Condominium building in North Bay Village on the market. The waterfront property, located at 7909 to 7911 East Drive on Harbor Island, includes 29 units and was built in 1951. Blanca Commercial Real Estate and MSP Group have been selected to handle the sale.
The property covers 0.54 acres and does not have a listed price. Cary Cohen of Blanca Commercial Real Estate stated, “We expect this to shatter the North Bay Village record.” According to Deme Mekras of MSP Group, the current record for land sales in the area is $744 per square foot, which would amount to more than $17.6 million for this site.
Brokers said that a developer could construct up to 38 units in a building as tall as 150 feet, or approximately 15 stories. Alternatively, up to 50 units could be built if the buyer acquires additional development rights from either the city or a private seller.
Deme Mekras noted that the site is close to Sunbeam Properties’ planned island walk promenade. Sunbeam Properties, owned by the Ansin family, controls about 14 acres in North Bay Village and has plans for a large-scale development with approximately 2,000 residential units, a hotel with 300 rooms, and commercial space totaling about 7.3 million square feet. “To be walkable to that, it’s going to be pretty special,” Mekras said.
Recent changes in Florida condominium safety laws, enacted after the Champlain Towers South collapse in Surfside over four years ago, have led many condo associations with aging buildings to reconsider their options as they face increased maintenance costs and higher insurance premiums. “Rather than maintaining aging structures that require substantial capital investment, they are making the strategic decision to capitalize on the soaring value of their location,” Cohen said in the release. He added in an interview that monthly association dues had become “more of a burden than a benefit.”
Other nearby properties have also seen bulk sales to developers. Related Group and Macklowe Properties acquired both Biscayne Sea Club co-op and Majestic Isle condo building at Harbor Island’s northern tip for their planned two-tower luxury project spanning over 4.1 acres; both acquisitions involved litigation before proceeding. The developers’ project will feature two nearly 500-foot towers designed by Arquitectonica under Bernardo Fort Brescia. In July, local commissioners approved new zoning via a special area plan allowing this development.
On Harbor Island’s west side, S2 Development sold its one-acre site at 7913 West Drive to El-Ad National Properties for construction of a proposed 22-story residential tower with 94 units.
North Bay Village continues to attract interest from various developers planning residential and mixed-use projects across its three islands between Miami and Miami Beach. The Continuum Company, led by the Eichner family, now controls over four acres including former restaurant and hotel sites; this summer saw approval for two condo towers, a marina, and a hotel up to 440 feet tall as part of their Continuum Waterfront District plan.
Other upcoming projects include Riviera Horizons’ Pagani-branded condo tower—30 stories with 70 units—and Shoma Group’s Shoma Bay mixed-use development featuring a Publix supermarket. Developer Vivian Dimond has taken over another stalled project at 7918 West Drive with intentions to finish construction next year.
