Developers LDG are set to launch sales for a new condominium in Bay Harbor Islands, while laying the groundwork for a second project — in a city already exploding with new developments, The Real Deal has learned.
The first condo, Bay Harbor One, is being developed by LDG in collaboration with Team 18, the lead developers of Kai, also in Bay Harbor Islands, LDG principal Michel Leibovich told TRD. LDG, composed of four partners, has a nearly 40-year history of developing properties in Argentina and Uruguay, Leibovich said.
The 36-unit Bay Harbor One, at 1100 100th Street, will have eight stories, including a roof-top amenity deck with a pool, lounge area, private cabana suites and a social area, Ivan Ramirez, broker/owner of Crescendo Real Estate told TRD.
Crescendo is handling sales for the property. Ikone International, whose principal is Korin Castro, is handling marketing, she told TRD. The firm designing the condo is Frankel Benayoun Architects, which is handling more than a dozen Bay Harbor Islands projects, President and founder Markus Frankel has told TRD.
Bay Harbor Islands is undergoing massive redevelopment, with at least 24 projects underway in the community of nearly 5,900 residents, located in the barrier island area of Northeast Miami-Dade County. Not far from Bay Harbor One, for example, Verzasca Group is developing Pearl House and Le Jardin.
Leibovich, who has lived in South Florida for 30 years, said he chose Bay Harbor Islands because the booming area is family-oriented. His mother-in-law is a resident, and Leibovich has been living there for the past three months, while his Aventura home undergoes remodeling. “The area is a treasure,” he told TRD. “It’s a diamond in the middle of two great areas: Bal Harbour and Indian Creek.”
Bay Harbor One’s units will range from 1,436 square-feet to 1,576 square feet, and floor plans can be combined, Ramirez said. Pricing will range from the $600,000s to the $900,000s. Presales will begin in the next two weeks, and construction is expected to begin by the end of the year or in early 2016, he said.
Miami-Dade property records show the developers paid $2.5 million for Bay Harbor One’s two adjacent vacant parcels in 2013.
Meanwhile, LDG and Team 18 are also planning Palm Villas, at 9980 East Bay Harbor Drive in Bay Harbor, which will have 14 townhouses. Each unit will have an elevator, two-car garage and a fourth floor rooftop pool, Leibovich told TRD. Units will range from about 2,300 square feet to 3,000 square feet. Prices may start in the $900,000s.
In addition, LDG owns five acres of land at 193rd Streeet and Northeast 26th Avenue in Ojus, west of Aventura Mall, where it plans a mixed-used project with 186 apartments and 5,400 square feet of retail space, Leibovich said.