Biscayne Landing condos to be sold by iStar

Four years after taking ownership of 160 unsold condos at the North Miami site of Biscayne Landing, iStar Residential is set to exit the project by selling the units.

The residential division of iStar Financial is ready to market the Oaks at Biscayne Landing condos to potential buyers, an industry source told The Real Deal. It acquired the units from original builder Boca Developers through foreclosure in 2009. Boca Developers constructed two 25-story towers totaling 373 units at the site.

Over the last four years, iStar has leased nearly all of the Oaks units to renters, the source said. The company expects strong buyer interest for condos that could trade for well below replacement costs. It plans to pursue end users and foreign investors seeking steady rental income.

An iStar spokesperson declined comment.

Unit sale prices are expected to start at $240,000. The condos range in size from 1,758 to 2,385 square feet. The towers were designed to allow views of the Atlantic Ocean.

The current homeowner’s association plans to construct several amenities at the Oaks, including a security guard gate, tennis courts, a swimming pool and fitness center. Improvements to building exteriors and lobbies are also expected. The complex could also be renamed as part of a repositioning strategy once the units are publicly marketed.

A former landfill, Biscayne Landing languished for many years after an attempt to develop the 184-acre site fell apart early last decade. Developer Michael Swerdlow sold his stake in the mixed-use project to Boca Developers in 2005. The company was not able to get the project started before the real estate and financial markets collapsed.

Swerdlow helped revive the development last year, forming a partnership with the New York-based LeFrak Organization to build a master-planned $1 billion project over a 16-year span. North Miami council members approved a 99-year-ground lease for the site in May 2012.