Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M
Regency Development Group bought the properties with approvals for residential mid-rise buildings
Regency Development Group is diving into booming Bay Harbor Islands, paying a combined $22.5 million for four waterfront development sites.
In the largest of the deals, an entity with ties to Chicago-based Regency, led by Igor Michin and Alex Troyanovsky, acquired two adjacent properties totaling nearly an acre at 9927 and 9955 East Bay Harbor Drive for $13.5 million, records show. The buyer obtained a $5 million mortgage from Park Ridge Community Bank.
The seller, an affiliate of Two Roads Development, two years ago had proposed building a seven-story condominium with 26 units on the two properties. Two Roads, led by managing principals Reid Boren and Taylor Collins, paid $9 million for the two vacant lots in 2016, records show.
Michin and Troyanovsky did not return a phone message seeking comment about Regency’s plans for the sites.
The firm also acquired two other smaller waterfront properties at 9781 and 10301 East Bay Harbor Drive for $4.5 million each, records show. Two Roads also sold those parcels, which are separate lots, to Regency.
The four sites, which total 1.3 acres, combined, all have site plan approvals in place for luxury mid-rise condominiums, according to a press release.
Simon Banke and Matt McCormack with JLL represented the seller in the deals, the release states.
Bay Harbor Islands is in the midst of a redevelopment wave. Recently, Menachem Kranz paid $6.5 million to acquire all 10 units in a two-story condominium at 9110 West Bay Harbor Drive. Kranz plans to tear down the building and replace it with an eight-story condominium with 10 units starting at 3,000 square feet with three bedrooms. Prices will begin at about $6 million per unit.
Also this month, Clara Homes paid $17.6 million for a pair of two-story apartment complexes on East Bay Harbor Drive where the Miami-based developer plans to build the third phase of a new luxury apartment community called Clara Bay Harbor. The project entails three six-story rental buildings on three separate sites in Bay Harbor Islands.
And Miami-based Alta Developers took over the Ambienta Bay Harbor Islands development and is relaunching sales of the planned seven-story, 30-unit luxury condo building. The project has been rebranded as Alana.