A waterfront condominium building in North Bay Village has been listed for sale as redevelopment activity increases in the area. Nearly all owners of Harbor Condominium, a 29-unit building constructed in 1951 at 7909 to 7911 East Drive on Harbor Island, have hired Blanca Commercial Real Estate and MSP Group to handle the sale, according to Cary Cohen of Blanca and Deme Mekras and Sam Mekras of MSP.
The property spans 0.54 acres and does not have a set asking price. “We expect this to shatter the North Bay Village record,” Cohen said. Deme Mekras noted that the current land sale record is $744 per square foot, which would value the site at over $17.6 million.
According to the brokers, zoning allows for a new development with up to 38 units and a maximum height of 150 feet, or about 15 stories. With transferable development rights purchased from the city or private sellers, a developer could build up to 50 units.
Deme Mekras highlighted that the property will be close to a planned island walk promenade that is part of Sunbeam Properties’ future project. Sunbeam Properties, owned by the Ansin family, controls 14 acres in North Bay Village and has plans for a large-scale development including approximately 2,000 residential units, a hotel with around 300 rooms, and commercial space.
“To be walkable to that, it’s going to be pretty special,” he said.
Recent changes in Florida condo safety laws following the Champlain Towers South collapse have increased maintenance and insurance costs for older buildings. As a result, some associations are choosing to sell rather than invest heavily in repairs. “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, adding that association dues would create “more of a burden than a benefit.”
Several other bulk sales have occurred nearby, including Related Group and Macklowe Properties’ acquisition of Biscayne Sea Club co-op and Majestic Isle condo building on Harbor Island’s northern tip. These developers plan two nearly 500-foot towers after local commissioners approved a special area plan in July, allowing their project to proceed with Arquitectonica as architect.
Other projects are also underway across North Bay Village. S2 Development recently sold a one-acre site at 7913 West Drive—approved for a 22-story tower—to El-Ad National Properties. The Continuum Company has received approval for its plans covering former Shucker’s and Best Western properties, which will include two condo towers (one up to 440 feet tall), a hotel, and marina facilities.
Additional developments include Riviera Horizons’ planned Pagani-branded condo tower at 7940 West Drive—the first such project linked with the Italian carmaker—and Shoma Group’s Shoma Bay mixed-use tower featuring a Publix supermarket at 1872 79th Street Causeway. Developer Vivian Dimond is also working to complete a previously stalled condo project at 7918 West Drive next year.
