Raimundo Onetto’s Alta Developers plans to build a boutique waterfront condominium project in place of the closed Mid Bay Club Apartments in North Miami.
The Miami-based company bought the 0.8-acre site at 11950 North Bayshore Drive for $15 million from Mid Bay Miami LLC, according to Alta’s broker.
Alta is envisioning a 50-unit to 90-unit high-end condominium development, according to a company spokesperson.
The selling entity, which paid $1.5 million for the building in 2011, is led by William R., William E. and Eileen Prevatel, as well as Patricia Wood, according to records.
The Prevatels and Wood had put the property on the market in 2019 but did not sell it until now.
Greg Greer of CR Realty represented the buyer, and Stephen Zeitz of Zeitz Properties represented the seller.
Demolition of the existing building is expected in the next two months, and construction could start in summer 2023, the Alta spokesperson said.
The two-story, 27-unit Mid Bay Club Apartments building was constructed in 1964, property records show.
The move to build condos in North Miami comes as Alta has embarked on several multifamily projects elsewhere in South Florida.
In November, Alta paid $9 million for a site near Homestead where it plans a 264-unit apartment complex and 27 townhouses.
In August, Alta paid $23 million for a site just north of Young Circle in Hollywood, with plans for a pair of 18-story rental towers.
In North Miami, Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, are building out the remainder of their SoLé Mia project. They scored a $32 million construction loan last year for the second rental community in the development.