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.