Sereno at Bay Harbor Islands has officially opened its doors.
Developers 13th Floor Investments and Integra Investments just announced they were granted a temporary certificate of occupancy for the eight-story condo project, clearing the way for buyers to take possession of their units.
The news caps off more than two years of construction after workers first broke ground on the luxury 38-unit building in January 2015. According to the developers, the project has completely sold out an an average price of $626 per square foot, for a grand total of $44.5 million.
As The Real Deal previously reported, a large portion of the project’s buyers were Brazilian. The building was originally slated to be completed by summer 2016.
Units at Sereno range in size from 1,000 square feet to 2,000 square feet, and buyers will now have access to amenities like a rooftop lounge with a “zero-edge pool,” an outdoor movie theater and a marina with private boat slips.
13th Floor and Integra bought the waterfront land at 10201 East Bay Harbor Drive, along with a portfolio of nine other apartment buildings in the area, for $15.3 million in 2012. Construction was financed with a $12.3 million loan from City National Bank, and the developer said all 38 buyers paid 50 percent commissioners on their units.
Bay Harbor Islands has become a hot spot for luxury boutique development over the past three years, transforming what was once a single-family neighborhood into the newest frontier for investors and luxury builders. — Sean Stewart-Muniz