Developers are ramping up plans to build a series of new condo towers in the 7,400-person island community of North Bay Village located between Miami Beach and the Miami mainland in Biscayne Bay.
An eighth new condo project — the proposed Bahia Tower — has been announced for a waterfront site in North Bay Village, which would increase the total number of announced units to more than 735 for the island community since this cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)
The proposed Bahia Tower is envisioned to stand 13-stories tall and feature 16 luxury units with two-bedrooms each in the 7900 block of East Drive on Harbor Island in North Bay Village, according to government records.
The project’s developer — a Delaware entity called Cedar Island Limited Partnership — has a mailing address at 200 South Biscayne Boulevard in downtown Miami, according to government records.
The names of the individuals behind the development group are unknown at this point.
What is known is that the developer purchased the 11,200-square-foot vacant lot for the proposed Bahia Tower project in May 2014 for $1.3 million, or about $81,250 per unit, according to the Miami-Dade property records.
It is unclear at this time what the presale prices will start at for the proposed Bahia Tower.
More information about the project is expected to be divulged at 7:30 p.m. Tuesday night, when the North Bay Village Planning & Zoning Board is scheduled to hear the application for the proposed Bahia Tower at Village Hall, according to government records.
North Bay Village now ranks as the tenth most active preconstruction condo market in South Florida out of a pool of 29 markets east of I-95 in Miami-Dade, Broward and Palm Beach counties.
Overall, the preconstruction condo units proposed for North Bay Village represent about 1.8 percent of the more than 41,200 condo units announced east of I-95 in South Florida as of Tuesday.
The unanswered question going forward is whether today’s preconstruction condo buyers have enough interest to acquire all of the new units proposed for North Bay Village during this cycle.
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.