The Real Deal Miami

One Bay Residences switches from La Playa to One Sotheby’s

Project launched sales in March 2015, is now 60 percent sold
By Ina Cordle | February 14, 2017 04:30PM

Rendering of One Bay Residences with Daniel de la Vega and Lorena Millan

UPDATED Feb. 14, 6:10 p.m.: One Bay Residences has just switched brokerages  from La Playa Properties to One Sotheby’s International Realty — to sell the condominium’s remaining units, The Real Deal has learned.

The 38-unit project at 455 Northwest 39th Street, across Biscayne Boulevard from Miami’s Design District, is being developed by G & L Real Estate, a Chilean group that is led by Francisco Tagle. It is currently under construction, and slated to be ready this summer.

The project launched sales in March 2015 with La Playa Properties, and is now 60 percent sold, Lorena Millan, sales and marketing director for G & L Real Estate, told TRD. Buyers hail from Germany, Canada, France, New York, Argentina and Mexico. “It’s a very diverse community,” she said.

Ida Schwartz of One Sotheby’s will be leading the sales effort. Millan said the developer chose One Sotheby’s to sell the last 15 units, so as to begin working with the firm before launching a bigger project in the future. G&L plans to develop a condo project in Miami’s Edgewater neighborhood, but it is currently on hold, she said. She declined to provide more information.

One Bay Residences’ units range in size from 877 square feet to 2,561 square feet, priced from $400,000 to $1.3 million, with an average price of $500 per square foot. Some of the units are three-level with a rooftop terrace and can be outfitted with a summer kitchen. Amenities include a pool.

Property records show G & L bought the 70,141-square-foot property in 2014 from an affiliate that purchased it for $150,000 in 2008. The company also owns Bay Point Center, an adjacent mixed-use building at 3915 Biscayne Boulevard that was also part of the deal in 2008.