A waterfront lot on North Bay Road just sold for $17 million to an affiliate of Starwood Capital Group, an investment company with about $42 billion in assets under its control.
The property, at 2374 North Bay Road, was purchased by a company titled BSS Miami in a deed filed in Miami-Dade County records on Friday. That company also filed a notice of commencement to build a single-family home on the 0.7-acre lot, which was signed by Barry Sternlicht, chairman and CEO of Starwood.
The lot was sold by Bart Reines, head of the Bart Reines Construction company. Reines’ company was named on the commencement as the home’s contractor. He has built a number of homes on Miami Beach, the Sunset Islands and La Gorce Island, according to the company’s website.
Reines purchased the property for $10.2 million in 2014 — nearly $9 million more than it last traded for in 1999 — but he still walked away with a hefty profit from the sale this year.
He also apparently kept the contract to a build a home on the site, which the South Florida Business Journal reported had been under construction ever since Reines first purchased the land.
Kobi Karp, a well-known architect in South Florida, has a rendering for a mansion at the North Bay Road lot on his firm’s website. Kobi Karp Architecture is also named as a contractor for the site in a May 2014 building permit.
Sternlicht was part of a joint venture with developer Richard LeFrak that recently completed the 1 Hotel & Homes on Miami Beach. The 426-room hotel opened in March, and more than 100 of the development’s 156 condos have been sold.