Congress Group launches sales of new Bay Harbor Islands condo project

Prices range from $4.4M to $6.4M

TRD MIAMI /
Apr.April 18, 2018 10:30 AM
Rendering of Opus Bay Harbor and Congress Group president Dean Stratouly

Rendering of Opus Bay Harbor and Congress Group president Dean Stratouly

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.


Related Articles

arrow_forward_ios
Javier Rodriguez and Andy Ziffer (Credit: Wikipedia) 

Movers & Shakers: Fort Lauderdale broker joins Compass

Daily Digest Miami

FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest

Christian Martinez

Compass Florida taps former Facebook exec to lead operations

From left: Adam Rubin, Farin Milligan, Nicholas Chatman, Tim Elmes, Addison Ruff, Mike Herstik and Niki Michopoulos

Compass poaches Tim Elmes of Coldwell Banker

From left: Eric Fixler, Joe Landsberg, Austin Levine and Andrew Hagaman

Movers & Shakers: CBRE expands debt team, Compass takes on two teams in South Florida & more

Daily Digest Miami

Related is heading to the river, Soffer eyes Fontainebleau Miami Beach expansion: Daily digest

Daily Digest Miami

Ken Griffin pays nearly $100M for Palm Beach estate, new renders of 830 Brickell office tower: Daily digest

Daniel Crann and Timothy Peterson (Credit: iStock)

Movers & Shakers: Colliers taps development services head, Altman promotes COO & more

arrow_forward_ios