CMC Group and Morabito Properties completed Onda Residences, their waterfront luxury Bay Harbor Islands condo project.
The joint venture has sold all but three units in the eight-story, 41-unit condominium at 1135 103rd Street, according to a company statement. Ugo Colombo’s CMC and Valerio Morabito’s Morabito launched sales for the project three years ago and have reached an estimated $170 million in sales volume, Morabito said.
The developers landed a $65 million construction loan from Bank OZK for the project in 2022.
Fortune Christie’s International Real Estate handled sales for the project.
Morabito said most of Onda’s buyers were North Americans from the Northeast, California and Canada. The buyers are “people who want to spend time in Miami,” he said, noting that the majority of the buyers are planning to make Onda their full-time home.
“People have finally discovered Bay Harbor,” Morabito said.
Morabito and Colombo hired Bernardo Fort-Brescia of Arquitectonica, Carlo and Paolo Colombo of A++ Human Sustainable Architecture, and Enzo Enea of Enea Garden Design to design the luxury waterfront project. Units range between 1,800 square feet and 3,500 square feet and offer between two to four bedrooms. Four penthouse units span nearly 5,100 square feet, and two of those units have private rooftop pool decks. Prices ranged between $1.6 million and $8 million.
Amenities in the building include a rooftop pool, fitness and spa facilities and a 15-slip private marina.
Buyers and developers have honed in on the islands, bringing a wave of luxury condo development in recent years. In March, Regency Development Group launched its third condo project on the islands, an eight-story, nine-unit planned building with prices between $4 million and $9 million. In November, Ari Pearl and Jonathan Leifer launched sales for their planned eight-story, 44-unit Bay Harbor Towers. In August of last year, Jonathan Landau landed a $29 million construction loan for his Bay Harbor Islands project.