Jonathan Landau plans Bay Harbor condo project, taps Official for sales
Asking prices at boutique building start at nearly $2K psf
Jonathan Landau plans a waterfront boutique condominium project in Bay Harbor Islands and tapped Official to lead sales.
The developer, through an affiliate of his New York-based Landau Properties, wants to build an eight-story, nine-unt building, called Indian Creek Residences & Yacht Club, at 9110 West Bay Harbor Drive, according to a filing submitted to Miami-Dade County last month.
Indian Creek Residences marks the first project for Landau’s firm, which he formed after stepping down as CEO of New York-based Fortis Property Group late last year. Landau Properties also is led by Landau’s daughter, Yaeli Lowinger, and his son-in-law, DC Lowinger.
Isaac Lustgarten of Official is leading pre-construction condo sales. The brokerage’s co-founders include former top Douglas Elliman agents and brothers Oren and Tal Alexander.
So far, Official conducted a sales “soft launch,” targeting a select group of buyers and brokers, and put three units under reservation — a step prior to going under contract, Official’s Oren Alexander told The Real Deal. Sales are expected to officially launch in the fall.
Asking prices start at nearly $2,000 per square foot.
With units ranging from 3,218 square feet to 5,167 square feet, according to the developer’s filing, prices could range from nearly $6.4 million to $10.3 million.
Designed by Kobi Karp, Indian Creek Residences will have full-floor units on each of the seventh and eighth floors, and a pair of two-story units on the sixth and fifth floors, the submittal to the county shows. The third and fourth floors will have two condos each, and the second story will consist of one unit, as well as common areas such as a spa and gym. An 18-space garage and a waterfront pool area are planned for the first floor.
The marina will consist of five slips available for purchase by condo buyers, Alexander said.
The Bay Harbor Islands Design Review Board gave final approval to the project on May 2.
Now, Landau Properties is asking Miami-Dade to allow for exemptions from county code regulations, including setbacks. Landau wants to provide a 20-foot setback from the shoreline to Indian Creek Lake, which complies with the town of Bay Harbor Islands’ requirement, but is less than the county-required 45-foot setback, according to the filing. The developer also wants to provide 10-foot setbacks on the sides of the building, which again comply with town requirements, but is less than the county-required 25-foot side setbacks.
Part of the issue necessitating setback waiver requests is the property’s small 0.35-acre size and configuration, according to the application.
The development site is now home to a two-story, 10-unit condominium that was completed in 1953, records show. In May of last year, Menachem Kranz paid $6.5 million in a bulk purchase for all the units. At the time of the purchase, Kranz described to The Real Deal his plans for a project that are much like Landau’s, with the same number of floors and units, and also designed by Karp.
In September, an entity led by DC Lowinger bought the existing condos from Kranz for $8.5 million, according to records.
It is unclear if Kranz, who co-founded and leads Lauderdale-by-the-Sea-based life sciences adviser and merchant bank Allele Capital Partners, still is an investor in the project. He declined comment, and Landau Properties’ spokesperson didn’t respond to a question about Kranz’s involvement.
Bay Harbor Islands, near Bal Harbour and Indian Creek, has a pipeline of new high-end condo projects. In April, Igor Michin and Alex Troyanovsky’s Regency Development Group launched sales of their boutique La Maré. It will consist of an eight-story, 33-unit Regency Collection at 9927 East Bay Harbor Drive; and an eight-story, nine-unit Signature Collection at 9781 East Bay Harbor Drive.
Chilean development firm VDA | Origin Miami, led by Mauricio Moya and Sergio Guzmán, launched sales in March of its 27-unit Origin Residences by Artefacto, a condo at 9760 West Bay Harbor Drive.
Landau’s project falls in line with an ongoing trend to replace aging condos with new buildings, jump-started by the deadly Surfside condo collapse and ensuing legislation that led to skyrocketing assessments on unit owners to cover building repairs.
In Bay Harbor Islands, Ari Pearl and Jonathan Leifer paid $32 million last year for 30 units at the Bay Harbor Towers at 10141 and 10143 East Bay Harbor Drive, likely with plans to redevelop the 67-year-old property.