El-Ad Properties has expanded its presence in North Bay Village by purchasing a second development site for $19 million. The Boca Raton-based company, led by Isaac Sharon Tshuva and Orly Daniell, acquired an 11,200-square-foot lot at 7922 East Drive along with two adjacent lots totaling 22,400 square feet at 7923 and 7925 East Drive. Public records and the real estate database Vizzda confirm the transaction. As part of the deal, El-Ad assumed a $4.5 million mortgage that matures in 2028.
The price paid by El-Ad is more than double what the seller, an entity managed by Luis Navas from Fort Lauderdale, paid three years ago. In 2023, Navas’ group bought the properties for $7.7 million. Last year, city officials in North Bay Village approved transferring development rights from the 7922 East Drive lot to the other two lots. El-Ad has not yet announced its plans for these sites.
Earlier in May, El-Ad purchased a one-acre vacant parcel at 7913 West Drive for $20 million from S2 Development based in Aventura. In 2023, S2 Development received approval from North Bay Village for Marina View tower—a proposed 22-story building with 94 residential units designed as either condos or apartments.
According to its website, El-Ad is part of New York-based Elad Group and has developed over twelve thousand apartment and condo units across the Southeast United States—including more than four thousand in Florida.
In Davie, El-Ad is planning a mixed-use project called District in Davie valued at $1 billion. The development will include five towers ranging from twenty to twenty-four stories with a total of 1,256 apartments, alongside retail space and parking facilities.
North Bay Village continues to attract high-rise projects from other developers as well. MG Developer of Coral Gables and Prosper Group of Miami recently submitted plans for a thirty-story tower with nearly one hundred fifty condominium units on North Bay Causeway after acquiring their site last year for almost $31 million.
Related Group based in Coconut Grove and Macklowe Properties from New York are also preparing a two-tower condo project on East Drive that could carry Ritz-Carlton branding.
