Palm Villas, a planned townhouse project in Bay Harbor Islands, has launched sales, and expects to break ground in May, amid a slew of new developments rising in the city.
The 14-townhome project at 9870-9880 East Bay Harbor Drive has already sold three units in the last two weeks, Michel Leibovich, a principal with the development firm LDG told The Real Deal. LDG is co-developing Palm Villas in conjunction with Team 18, the lead developers of Kai, also in Bay Harbor Islands.
The townhouses will range from 2,300 square feet to 3,000 square feet, with prices from $990,000 to $1.3 million, or an average of $450 per square foot, Leibovich said. One Sotheby’s International Realty and the Faerman Group are handling sales and marketing for Palm Villas.
The project was designed by Schapiro Associates, along with BBH Design. Units at the four-story Palm Villas will have private elevators and rooftop decks with Jacuzzis, Leibovich said.
The project is the second in South Florida for LDG, following its launch last year of Bay Harbor One, an eight-story, 36-unit development, also in Bay Harbor Islands. That project is more than 40 percent under contract, and will also break ground in May, Leibovich told TRD. Prices range from the $600,000s to the $900,000s, or an average of about $500 per square foot.
Meanwhile, LDG is in the site plan approval process for its next project, called Westside Aventura, which will be in Ojus. The firm owns a five-acre site where it plans a mixed-use project with 98 townhouses, 12 condo units and 6,400 square feet of retail space.
LDG is composed of four partners, Leibovich said, and has more than 40 years of experience in development in Argentina and Uruguay.
Leibovich, who has lived in South Florida for 32 years, said he chose Bay Harbor Islands because the booming area is family-oriented. His mother-in-law is a resident, and Leibovich lived there recently, while his Aventura home was remodeled. “It’s a great diamond in the middle of the area,” he said.
Bay Harbor Islands is currently exploding with more than two dozen new condominium and townhome developments. Other projects planned for Bay Harbor Islands include Akua, Bay Harbor Gardens, Pearl House and Le Jardin.