A waterfront condominium building in North Bay Village has been listed for sale by a group of its unit owners. The property, known as Harbor Condominium, consists of 29 units built in 1951 and is located at 7909 to 7911 East Drive on Harbor Island. Blanca Commercial Real Estate and MSP Group have been selected as the brokers for the sale.
The listing comes at a time when North Bay Village is seeing increased interest from developers. The property covers 0.54 acres and does not yet have an official asking price. Cary Cohen of Blanca Commercial Real Estate said, “We expect this to shatter the North Bay Village record.” Deme Mekras of MSP Group noted that the current land sales record stands at $744 per square foot, which would value the site at more than $17.6 million.
The site offers development potential for up to 38 residential units with a maximum height of about 15 stories (150 feet). Alternatively, buyers could increase the unit count to 50 with transferable development rights purchased from the city or private sellers, according to information provided by the brokers.
Deme Mekras highlighted that the location will be within walking distance to a planned promenade, part of Sunbeam Properties’ major project in North Bay Village. Sunbeam Properties, owned by the Ansin family, controls about 14 acres locally and has plans for a large-scale development including residential units, hotel rooms, and commercial space. “To be walkable to that, it’s going to be pretty special,” Mekras said.
Recent changes in state condo safety laws following the Champlain Towers South collapse have prompted many condo associations with aging buildings to reconsider their options due to increased maintenance costs and rising insurance premiums. Cohen commented, “Rather than maintaining aging structures that require substantial capital investment, they are making the strategic decision to capitalize on the soaring value of their location,” adding that monthly dues had become “more of a burden than a benefit.”
Bulk sales of condo buildings to developers are becoming more common in Miami-Dade County. In nearby transactions, Related Group and Macklowe Properties acquired other properties on Harbor Island after buying out residents—though some deals involved litigation. These developers plan two towers reaching nearly 500 feet in height on over four acres; Arquitectonica is serving as architect for this project after zoning changes were approved by local commissioners.
Other developments are underway or planned throughout North Bay Village. S2 Development recently sold a one-acre waterfront lot at 7913 West Drive to El-Ad National Properties; this site is approved for a 22-story residential tower with 94 units. The Continuum Company holds over four acres locally and recently received approval for its own district with two condo towers, a hotel, and marina—one tower may rise up to 440 feet tall.
Further projects include Riviera Horizons’ plan for a Pagani-branded tower at 7940 West Drive and Shoma Group’s mixed-use Shoma Bay tower with an integrated supermarket. Developer Vivian Dimond is also set to complete an existing stalled project at 7918 West Drive next year.
North Bay Village sits between Miami and Miami Beach across three islands and continues attracting investment with several new residential and mixed-use developments moving forward.
