More than two years after buying waterfront land in Bay Harbor Islands, Congress Group is launching sales of a boutique condo project, the second of two developments it’s planning in the bayfront town.
Congress hired Compass to handle sales of Opus Bay Harbor, a seven-unit, eight-story building planned for 10301 East Bay Harbor Drive, said Philip Freedman, managing director of Compass Florida’s development division.
The Boston real estate investment and development firm paid $5.52 million to buy out the 12 owners of the former Harbor View building at 10301 East Bay Harbor Drive in late 2015.
The developer plans to break ground in September, Freedman said. Opus will feature four-bedroom units with a den, ranging from 4,225 square feet to 5,000 square feet and from about $4.4 million to $6.4 million.
Bermello Ajamil designed the development, which will include a gym, rooftop kitchen and pool, private lobby, docks for residents’ boats, and a garage. It’s expected to be delivered by early 2020, according to a press release.
Opus will add to a number of projects in the pipeline in Bay Harbor Islands, but Freedman said the building will stand out because units at Opus are more than double the size of competing projects. A report released in August found that the Bal Harbour, Surfside and Bay Harbor Islands market had about two years of excess luxury condominium inventory, which was excluding preconstruction units.
In addition to buyers from the Northeast, Compass will be targeting single-family homeowners in Indian Creek and Bay Harbor Islands.
Freedman said Congress is finalizing construction financing for Opus and the Waters, a nine-unit project planned for 9781 East Bay Harbor Drive, which the developer launched about four months ago. Half-floor units at the Waters range from 1,500 square feet to 2,800 square feet, and full-floor units range from 3,800 square feet to 4,300 square feet. Prices start at $995,000 and go up to $4.75 million.