Once-controversial Bay Harbor Continental co-op sells for $16.5M

Miami /
Apr.April 04, 2016 12:52 PM

Developer P3 Investments closed on the Bay Harbor Continental, a 35-unit co-op in Bay Harbor Islands. 

County records show P3 paid $16.5 million for the building at 1135 103rd Street. Michael Hartman, vice president of the co-op, signed the deed transfer of ownership. The sale paves the way for demolition of the once-historic property so that it can be developed into seven-story residential building designed by Pininfarina, the Italian design firm known for its Ferraris, Alfa Romeos, and more.

The co-op, built in 1948, was granted historic designation early last year by the Miami-Dade Historic Preservation Board. But county commissioners overturned the historic ruling in July so that the building could be sold. At the time, 86 percent of the Continental’s residents wanted to sell their units because they couldn’t afford the necessary renovations. Thirteen of the 35 owners opposed the sale on the grounds that they would have nowhere else to go.

Architect Charles McKirahan designed the wedge-shaped co-op, which is anchored by a pylon-like staircase.

In its place, P3, led by president Gaurav Butani, will build a 28-unit residential project.

Bay Harbor Islands is in the midst of significant redevelopment. At least 26 projects are in the planning or construction stages. The Real Deal took a look at the city, once home to the largest concentration of mid-century Miami Modern (MiMo) style architecture in the country.


Related Articles

arrow_forward_ios
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
Pierre Brondeau and Palazzo Del Sol

Pesticide exec pays $14M for Palazzo Del Sol condo

Pesticide exec pays $14M for Palazzo Del Sol condo
Howard Lorber and 1525 North View Drive

Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M
2201 Sunset Drive and David Grutman (Credit: Douglas Elliman)

Hospitality mogul David Grutman lists Sunset Islands home

Hospitality mogul David Grutman lists Sunset Islands home
Jim Cohen, Fontainebleau Development’s president of Residential, and Jeffrey Soffer, with SeaGlass Jupiter

Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos

Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
2138 Bay Avenue, Miami Beach (Credit: Google Maps)

Toronto financier pays $14M for Sunset Islands home

Toronto financier pays $14M for Sunset Islands home
Map of priciest condo sales and Palazzo Del Sol (Credit: Google Maps and Douglas Elliman)

$12M Fisher Island closing tops weekly condo sales in Miami-Dade

$12M Fisher Island closing tops weekly condo sales in Miami-Dade
Fisher Island (Credit: Fisher Island)

Nation’s richest ZIP code received a $2M PPP loan. Residents voted to reject it

Nation’s richest ZIP code received a $2M PPP loan. Residents voted to reject it
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...