A South American development firm is planning a condo project in Bay Harbor Islands, marking its first foray into South Florida.
Allure Development Group, headed by Nicolas Livsit and Oscar Acosta, paid $4.4 million for two development lots at 1055 92nd Street and 1047 92nd Street in Bay Harbor Islands, Livsit told The Real Deal.
The firm bought the property along with an approved project and transferred development rights from the developer that built The Club in two adjacent lots and that is currently building The Palms, according to Livsit, who is from Argentina. The previously approved project can no longer be built because it was for 36 units and now the maximum allowed in two lots is 30, he said.
Livsit and Acosta told TRD that the group now plans up to 30 condo units in a seven-story building. The developers have hired Frankel Benayoun Architects, which had designed the previously approved project, to design the new project.
“From a market analysis we are not afraid of going to a lower number of units and bigger units because we do believe there is demand for bigger units,” Livsit said. “We met with the mayor of the city and he was telling us that the island needs bigger units.”
Prices for the units, which will begin at 1,450 square feet, will start at $430 per square foot, he said.
Amenities are expected to include a rooftop swimming pool, private grills, gym, spa, kids playroom, beach club membership, and transportation to the beach. Livsit said the common areas will have original art from photographer Sophie Rouillon, who is the guest artist selected for the project.
“We want to be part of attracting families into the island and also be a part of the transformation of the island into a more environmentally friendly city,” Acosta, who is from Colombia, told TRD.
Miami-Dade property records show the adjoining lots the developers purchased are 11,500 square feet and 10,425 square feet. The properties currently house eight rental units in buildings built in 1955, records show.
Livsit and Acosta said they are aiming to submit plans to the city for their as-yet-unnamed project within two weeks.
Meanwhile, Allure is opening a development office at 1166 Kane Concourse, Suite 202 in Bay Harbor Islands. The new office will be in addition to existing offices in Buenos Aires and Houston. For the past 10 years, the firm has been active in developing warehouses and single-family homes in Texas, the developers said.
Now, the developers are focusing on Bay Harbor Islands. “We are convinced this island is a place to be,” Livsit said. “We are opening our office on Kane Concourse because we are not doing one project here, and one project there. We are concentrating on the island and looking at a few other lots.”