Eichner plans waterfront condo projects in Bay Harbor Islands
Eichner’s Continuum Company paid $30M for two sites
UPDATED, May 18, 9:35 p.m.: Continuum South Beach developer Ian Bruce Eichner acquired two waterfront sites from Bay Harbor Islands-based Taubco, with plans to build two condo projects.
Eichner’s Continuum Company paid $29.5 million for the land at 9201 and 9461 East Bay Harbor Drive, according to a press release. He’s planning to build two buildings with a combined 142 units with 34 boat slips on the sites. Eichner expects there will be a six-month to one-year lag before he begins on the second project.
The land sale, years in the making, “really puts me back in Miami,” Eichner said. He completed the Continuum South Beach towers in 2002 and 2008. The New York developer has also been searching for a site in downtown Miami and joined TSG Group on a planned project in Brickell.
The first project in Bay Harbor Islands is being designed by architect Luis Revuelta and calls for about 70 units. Sales are expected to launch in September, and the development could be completed by late 2023.
Phil Gutman, former president of Brown Harris Stevens, represented Eichner in the land sale. He’ll be leading sales and marketing for the project. Gutman said he has been eyeing the properties for at least four years.
Taubco affiliates controlled by developer Irwin Tauber sold the sites. As part of the deal, Taubco previously secured development rights for the property. Tauber was sued last year for allegedly running over a swimmer with his boat in Biscayne Bay. The lawsuit is still open.
Fortress Investment Group provided Eichner with about $48 million in financing, he said. Eichner expects to pay off the 18-month loan in about 14 months and replace the financing with a construction lender.
He’s planning to target families looking to take advantage of the local schools, as well as boaters, Northeastern buyers and locals relocating from more expensive cities such as Miami Beach.
In March, developers Ugo Colombo and Valerio Morabito launched sales of Onda, a planned 41-unit, eight-story development at 1135 103rd Street in Bay Harbor Islands. Prices started at about $1.6 million and went up to more than $8 million for the penthouse.
Eichner, who sold his penthouse at the Continuum for $35 million in April, said he expects some buyers to combine units. At the Continuum, there are now 15 percent fewer units than there were when he delivered the buildings.
Eichner said he won’t buy another home in South Florida right now, though he hasn’t ruled out purchasing a unit at the Bay Harbor Islands project.
“As the contrarian I am, I would never look in a frothy market,” he said.
An earlier version of this story misstated the size of the first project.