The Real Deal Miami

Boston developer buys waterfront Bay Harbor Islands site

$5.5M sale breaks down to $458 per square foot for the land

January 13, 2016 11:15AM
By Katherine Kallergis

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Bay Harbor Islands development site and Congress Group CEO Dean Stratouly

Bay Harbor Islands development site and Congress Group CEO Dean Stratouly

A company tied to the Congress Group, a Boston-based investor and developer, has bought out the 12 owners of a boutique condominium in Bay Harbor Islands with plans to redevelop the waterfront property.

Zalmy Shapiro of ONE Sotheby's International Realty

Zalmy Shapiro of ONE Sotheby’s International Realty

Miami-Dade County records show that Congress BHN LLC paid a combined $5.52 million for the 12-unit building, which sits on about 12,000 square feet of land. The sale breaks down to a town record of $458 per square foot for the land, broker Zalmy Shapiro told The Real Deal. Shapiro, of ONE Sotheby’s International Realty, represented the sellers and the buyer of the Harbor View building, at 10301 East Bay Harbor Drive.

Shapiro said Congress will partner with Gomez Development Group to develop the Bay Harbor Islands land into a luxury condo building. Congress was not immediately available for comment.

The low-rise condo is next to the contentious site of the Bay Harbor Continental. Last year, the Miami-Dade County Commission ruled in favor of developer P3 Investments to rescind historic designation status of the 35-unit cooperative. The majority of those residents told commissioners that they wanted to sell their units, while the county’s historic preservation board wanted to preserve the MiMo-style building.

Shapiro said the Bay Harbor Islands submarket has continued to show strength. Bay Harbor Islands is undergoing massive redevelopment, with at least 26 projects underway in the community of nearly 5,900 residents, located in the barrier island area of Northeast Miami-Dade County. Projects include Bay Harbor One and Verzasca Group’s Pearl House and Le Jardin.

Last month, Shapiro represented the seller of an assemblage across the street. “I don’t see [the market] slowing down,” he said.

The buyer, Congress Group, has acquired, developed, repositioned or managed more than 7 million square feet of real estate valued at more than $1.5 billion, according to its website. In South Florida, Congress was involved with a residential tower that is now called 23 Biscayne Bay, at 601 Northeast 23rd Street in Miami.

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