El-Ad Properties has expanded its presence in North Bay Village by purchasing a second development site for $19 million. The Boca Raton-based company, led by Isaac Sharon Tshuva and Orly Daniell, acquired an 11,200-square-foot lot at 7922 East Drive and two adjacent lots totaling 22,400 square feet at 7923 and 7925 East Drive. According to property records and the real estate database Vizzda, El-Ad also assumed a $4.5 million mortgage on the properties that matures in 2028.
The purchase price was more than double what the previous owner paid three years ago. An entity managed by Luis Navas of Fort Lauderdale bought the lots for $7.7 million in 2023. Last year, North Bay Village officials approved transferring development rights from the 7922 East Drive lot to the other two parcels. El-Ad has not announced any plans for these sites.
In May, El-Ad purchased another vacant parcel at 7913 West Drive for $20 million from S2 Development of Aventura. In 2023, North Bay Village gave S2 Development approval for Marina View tower, a planned 22-story building with up to 94 residential units.
El-Ad is part of New York-based Elad Group and has developed over twelve thousand apartments and condominiums across the Southeast United States, including more than four thousand units in Florida.
Elsewhere in South Florida, El-Ad is planning District in Davie—a mixed-use project valued at $1 billion that will feature five towers with a total of 1,256 apartments as well as retail space and parking.
North Bay Village continues to attract developers interested in high-rise projects. MG Developer from Coral Gables and Prosper Group from Miami have filed plans for a thirty-story tower with nearly one hundred fifty condo units on North Bay Causeway after acquiring land there last year for almost thirty-one million dollars. Related Group of Coconut Grove and Macklowe Properties of New York are preparing a two-tower condominium project with more than three hundred sixty units on East Drive; this project may carry Ritz-Carlton branding.
