Updated, 5:50 p.m., June 6: Bal Harbour’s Church by the Sea just made a big investment in Bay Harbor Islands.
Records show the church paid $20 million for the Ocean Cadillac building at 1000 Kane Concourse. CBS Realty Holding also bought the 9,750-square-foot parking lot behind the dealership. The deal breaks down to about $325 per square foot for the land.
Brickell Motors acquired Ocean Cadillac in 2014, but Ocean Cadillac Inc., controlled by the Feil family, sold the 28,100-square-foot building. Together with the parking lot, Church by the Sea acquired about 61,500 square feet of land, or 1.44 acres, for their new church.
The church’s former site in Bal Harbour is a key part of the Bal Harbour Shops expansion. In February, the luxury shopping center paid $30 million for the church lot in Bal Harbour. Whitman Family Development, the owners and developers of Bal Harbour Shops, will also build a new home for the congregational church.
According to a spokesperson for Whitman, Church by the Sea is going through the review process in Bay Harbor Islands for a new church on the Ocean Cadillac land.
Bay Harbor Islands, which is tucked between Surfside and Bal Harbour, is undergoing significant redevelopment. Earlier this year, The Real Deal took a deep dive into Bay Harbor Islands, where there are more than 26 projects in the pipeline.