Regency Development launches sales of third Bay Harbor Islands condo project

Regency Development Group is launching sales of its third Bay Harbor Islands condo project, the La Maré Bay Collection.

The Chicago-based developer, led by Alex Troyanovsky, Michael Troyanovsky and Igor Michin, announced plans to build an eight-story, nine-unit waterfront condominium at 10301 East Bay Harbor Drive, with prices ranging from $4 million to $9 million, according to a press release. In April, Regency launched sales for two other condos, its planned 33-unit La Maré Regency and nine-unit La Maré Signature collections, with prices starting at $1.4 million and $2.9 million, respectively.  

La Maré Signature Collection at 9781 East Bay Harbor Drive is 45 percent presold and La Maré Regency Collection at 9927 East Bay Harbor Drive is 60 percent presold, according to Regency managing partner and Vice President Michael Troyanovsky. Douglas Elliman is leading sales for those projects, and partnering with Regency’s in-house sales team for the La Maré Bay Collection, he said. 

The developer partnered with Miami architect Kobi Karp to design La Maré Bay Collection, and the Brazilian firm Debora Aquiar Arquitetos for the project’s interiors, according to the release. La Maré Bay Collection will have three- and four-bedroom units, as well as a penthouse and a villa that will have a private pool and summer kitchen area, Troyanovsky said. 

Amenities will include a fitness center, rooftop pool and rooftop kitchen, the release shows. La Maré Bay Collection will also have a marina with four slips, which will be priced between $400,000 and $600,000, Troyanovsky confirmed. 

Construction is set to start later this year, and is expected to be completed in 2026. 

Regency bought the 0.3-acre site for $4.5 million in 2022, records show. The property is currently home to Regency’s sales gallery for the other two Bay Harbor Islands projects. 

Troyanovsky said target buyers across all three planned buildings are people who are downsizing and prioritizing security and privacy. Many of them have grown weary of life in larger towers, he said.

“They don’t want to wait 30 minutes for the valet for their car to come by,” he said. 

Regency is one of many developers active in Bay Harbor Islands, which has become a magnet for luxury condo projects in recent years. In January, Ian Bruce Eichner landed a $90 million construction loan for his fully presold eight-story, 68-unit La Baia South condos. Alexis Bogomolni’s ABH Development Group bought a waterfront development site for $7.5 million last month. Ari Pearl and Jonathan Leifer launched sales of their planned eight-story, 44-unit Bay Harbor Towers in November, with prices starting at $1.9 million.