A waterfront apartment building in North Bay Village is the latest target for a possible bulk acquisition.
Colliers sent a letter to the unit owners of the nearly 60-year-old Island Place near Sunbeam Properties, making an inquiry on behalf of an unnamed “aggressive” developer interested in acquiring all the units, according to a copy obtained. real deal.
Island Place, an eight-story building at 1455 North Treasure Drive North Bay Village, completed in 1966. It has 123 apartments and nine commercial units, according to its condominium filings. The property includes an oceanfront swimming pool and large car park.
South Florida developers are focusing their acquisition efforts on older buildings located on land with favorable zoning.
a source told TRD A potential sale of an Island Place property has not progressed beyond this investigative stage, which is usually done to gauge interest among unit owners. Andy Ansin, president and CEO of Sunbeam Properties, said he was not the developer named in the letter. He added that he did not believe the building was for sale.
Another source said there was a group of owners who wanted to sell, but they didn’t appear to represent the majority. Members of the condominium association’s board of directors did not respond to requests for comment.
Colliers International declined to comment. The firm has been involved in other acquisitions of beachfront apartment complexes in South Florida and expanded its listings following the deadly apartment collapse in Surfside nearly two years ago. Most recently, Colliers has been marketing the 57-year-old Castle Beach Club property in Miami Beach.After related group and 13th floor investment pull out In their proposed $500 million buyout apartment complex, the earth A similar proposal was made.
Condo buyouts and terminations can take years to complete, especially if the majority of unit owners disagree. But the maintenance cost of old houses is getting higher and higher. Owners, some of whom have fixed incomes, face the challenge of rising insurance and construction costs if their properties need major upgrades.
As South Florida has become so expensive in recent years, unit owners are increasingly finding themselves without a comparable residence if they sell.
After city officials approved 2020 zoning code reforms, Ansin and other developers are focusing on North Bay Village, a three-island town between mainland Miami and Miami Beach.
Shin Kong Project mixed use project The 79th Street Causeway bisects North Bay Village north and south. In October, the Village Council agreed to increase the causeway’s height by 650 feet on the north side, up from the previous ceiling of 340 feet, and by as much as 450 feet on the south side, from the previous ceiling of 240 feet.
Ansin said he and his team are drawing up drawings for the project and will submit their plans to the village within two years of council approval. The first phase calls for a 500-unit apartment building that will include a small grocery store, restaurant, and waterfront retail.
In January, Jetstar Group Recognized Awarded for its planned 30-story multifamily residential and hotel project on the popular Shuckers Waterfront Grill site in North Bay Village.
Shoma Group led by Masoud and Stephanie Shojaee, launch sale In September, Shoma Bay plans to build a 327-unit, 21-story apartment complex at 1850 79th Street Causeway.
