Igor Michin and Alex Troyanovsky’s Regency Development Group is launching sales of its planned boutique condominium, La Maré, in Bay Harbor Islands.
The two-building, 42-unit development will mark the Chicago firm’s first foray into South Florida, a spokesperson confirmed. Regency tapped Douglas Elliman to lead sales of the project.
The development will include the eight-story, 33-unit Regency Collection at 9927 East Bay Harbor Drive; and the eight-story, nine-unit Signature Collection at 9781 East Bay Harbor Drive. Kobi Karp is the architect for the project, and Debora Aguiar is the interior designer.
Regency bought the development sites for a combined $22.5 million last year. Groundbreaking is planned for both buildings later this year. The Signature Collection is expected to be completed in late 2024, and the Regency Collection is expected to be completed in 2025, according to a press release.
Regency Collection’s 33 condo floor plans will include two- to four-bedroom options ranging from 1,600 square feet to 4,300 square feet. Prices for the units start at $1.4 million and top out at $5.8 million. Two of the first-floor units will have private pools and outdoor space, and the two penthouses will have private rooftop pools, said Michael Troyanovsky, managing partner.
Signature Collection’s nine units will include 2,200-square-foot, three-bedroom floor plans, and 4,300-square-foot, four-bedroom floor plans. Condos start at $2.9 million and range up to $6.3 million.
In the Regency Collection, one floor will include a pool with a summer kitchen, said Troyanovksy, who is Alex’s son. The project will have boat slips available for owners on a first-come, first-serve basis, he added. It is unclear if the buildings will share other amenities.
“We are looking for the smaller building to partner with another hotel where we can provide services [to residents],” he said. “We will work with our buyers to determine what’s the best use.”
Troyanovsky said La Maré’s target buyers are Central and South Americans, families relocating from the Northeast, and local single-family homeowners looking for easier upkeep.
“We’re very fortunate people are coming in already knowing about the schools,” he said. “The area sells itself.”
While Troyanovsky highlighted heightened demand for Bay Harbor Islands, he also made it clear Regency is not in a hurry.
“We don’t want to rush to sell out. We want to wait and see how the market plays out,” he said, suggesting that prices could climb higher. “We don’t see the market going anywhere. We really think that the bubble of South Florida is here to stay.”
South Florida’s luxury real estate market ballooned during the pandemic, but recent months have brought a cooling period, as sales volume has slowed and price cuts have become more common.
Jay Parker, Elliman’s Florida CEO; Sandra Arguello, the brokerage’s vice president of marketing; and sales director Erik Schneider are the team leading sales for La Maré. Troyanovsky said Regency is betting on Elliman’s brand recognition among Floridian and Northeastern buyers.
The developer acknowledged his project is one of many in the pipeline in Bay Harbor. Others include Horizon Group’s planned 9900 West Condominium, and VDA | Origin Miami’s planned Artefacto-branded condos. Both projects launched sales in March.