Developers 13th Floor Investments and Key International just closed on a $30.5 million land deal for their twin-tower condo project dubbed The Harbour in North Miami Beach.
The deal covers five acres of land at 16385 Biscayne Boulevard, where the firms plan to build two 32-story residential towers with a combined 425 units.
The seller was an affiliate of Southern Homes Mangement, which paid only $3.7 million for the property in 2004, according to Miami-Dade property records.
A news release about the land sale says that developers expect the project to break ground by the end of this year.
“Finalizing this process is a key step as we move toward groundbreaking later this year,” Arnaud Karsenti, managing principal of 13th Floor Investments, said in a statement. “This is a truly special property and we are confident that the combination of location and pricing places the project in an ideal position.”
When The Real Deal last wrote about the project in June, the developers said 80 percent of The Harbour’s units had been reserved. After converting to contracts that same month, the developers now have nearly 70 percent of the units sold. Remaining units range in size from 1,032 square feet to 2,442 square feet, with prices going from $552,000 to $1.2 million.
The project is planned to be rich in amenities: residents will have access to a variety of sports facilities, a private beach, infinity pool, restaurant and bar, spa, dog park, aromatherapy trail that surrounds the project site, playground and children’s water park, plus an aqua club that will lend out gear for a plethora of watersports, including boats.
“We are well under way on a successful program for The Harbour,” Inigo Ardid, co-president of Key International, said in the release. “We have been passionately working on this project, and are thrilled with the progress to date. Today’s closing and the success of our sales program continues the The Harbour’s forward momentum.”
Sales for The Harbour are being handled by Key International Sales, the developer’s brokerage division. — Sean Stewart-Muniz