Developer Ian Bruce Eichner wants to redevelop an aging waterfront complex in North Miami into a 267-unit luxury condo project.
Eichner, founder and CEO of Continuum Company, proposes a 20-story development on the Mariners Bay Condo site at 12000 North Bayshore Drive, according to an application filed by an Eichner affiliate to Miami-Dade County in late October. Designed by Kobi Karp, the project would consist of 12 townhouses, 48 one-bedroom units, 135 two-bedroom units and 72 three-bedroom units. Eichner also would renovate an existing 20-slip marina on the 4.3-acre site.
The proposal marks the latest planned redevelopment of an aging condo building in South Florida. After the deadly Surfside collapse and stringent state mandates on structural maintenance that ensued, developers have swooped in to buy out cost-burdened condo owners who can’t afford additional assessments for repairs and upkeep.
Eichner has 45 units at the 46-unit Mariners Bay Condo under contract, he told the South Florida Business Journal. The price was not disclosed. Mariners Bay, which was completed in 1981, is in need of costly repairs for its 40-year recertification, prompting unit owners to seek to sell.
This summer, Mariners Bay Condo filed a certificate of termination of the condo, saying 75 percent of unit owners signed off on the termination.
In other planned redevelopments of aging South Florida residential buildings, Macklowe Properties and the Pérez family’s Related Group have been closing on units at the waterfront Biscayne Sea Club co-op at 8000, 8010 and 8020 East Drive in North Bay Village. The developers plan hundreds of luxury units, likely condos. The total buyout price is expected to be $47.7 million.
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Residential
South Florida
South Florida's condo buyout bonanza
Residential
South Florida
Waterfront North Bay Village condo building targeted for potential buyout
Eichner has homed in on South Florida’s condo market in recent years. This month, he and Turkish conglomerate Aksoy Holding launched sales of the 32-story, 198-condo Continuum Club & Residences planned for 1755 79th Street Causeway in North Bay Village. Prices start at nearly $1 million.
Eichner completed his first South Florida condo project, the two-tower Continuum at 100 South Point Drive in Miami Beach’s South of Fifth neighborhood, in 2002 and 2008. More recently, he has been working on the La Baia condo project in Bay Harbor Islands. It consists of the eight-story, 68-unit La Baia South building at 9201 East Bay Harbor Drive, and the eight-story, 57-unit La Baia North at 9481 East Bay Harbor Drive.