A waterfront condominium building in North Bay Village is being put up for sale by nearly all of its unit owners. The property, known as Harbor Condominium, consists of 29 units built in 1951 and is located at 7909 to 7911 East Drive on Harbor Island. Blanca Commercial Real Estate and MSP Group have been hired to market the building.
The brokers have not set an asking price for the 0.54-acre site but expect the sale to break the current record for land sales in North Bay Village. “We expect this to shatter the North Bay Village record,” said Cary Cohen of Blanca Commercial Real Estate. Deme Mekras of MSP Group added that the current land sales record stands at $744 per square foot, which would amount to more than $17.6 million.
According to the brokers, a developer purchasing the property could build up to 38 units with a maximum height of 150 feet, or about 15 stories. Alternatively, with additional transferable development rights from the city or private sellers, the site could support up to 50 units and a taller structure.
The location is near significant new developments planned by Related Group and Macklowe Properties, who recently acquired other nearby properties after buying out unit owners in bulk. Their plans include two condominium towers nearly 500 feet tall on over four acres. The North Bay Village commission approved zoning changes in July via a special area plan that will allow these projects to proceed.
Other development activity on Harbor Island includes Sunbeam Properties’ plan for a major mixed-use project featuring residential units, hotel rooms, and commercial space. “To be walkable to that, it’s going to be pretty special,” said Deme Mekras regarding proximity to Sunbeam’s planned promenade.
Rising insurance costs and stricter safety laws following the Champlain Towers South collapse have influenced many condo associations’ decisions regarding aging buildings. “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 also noted that monthly association dues have become more burdensome than beneficial for some owners.
North Bay Village has seen increased interest from developers acquiring older condos in bulk as associations seek alternatives amid higher maintenance costs and regulatory requirements. Several other projects are underway or approved throughout North Bay Village, including those by S2 Development, El-Ad National Properties, Continuum Company, Riviera Horizons, Shoma Group, and Vivian Dimond.
The town continues to attract both local and international developers seeking opportunities for residential and mixed-use development between Miami and Miami Beach.
