Alta plans waterfront North Miami condo project, pays $15M for apartment building on site

Shuttered Mid Bay Club Apartments will be demolished

Miami /
Feb.February 25, 2022 02:30 PM
Raimundo Onetto with 11950 North Bayshore Drive (Alta, Google Maps, iStock)

Raimundo Onetto with 11950 North Bayshore Drive (Alta, Google Maps, iStock)

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.





    Related Articles

    arrow_forward_ios
    BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    MFG co-founders, Jeff Zalaznick, Mario Carbone, and Rich Torrisi with Michael Stern and renderings of their planned Brickell Tower at 888 Brickell Avenue (JDS, Getty)
    JDS, Major Food Group to launch condo sales of Brickell skyscraper
    JDS, Major Food Group to launch condo sales of Brickell skyscraper
    Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    An aerial view of the land with the buyer Dacar Management’s Alberto Micha-Buzali (Google Maps, LinkedIn)
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...