A group of unit owners at the Harbor Condominium in North Bay Village have enlisted Blanca Commercial Real Estate and MSP Group to market their 29-unit waterfront property for sale. The mid-century building, located at 7909 to 7911 East Drive on Harbor Island, is being offered without a listed price.
Blanca’s Cary Cohen stated, “We expect this to shatter the North Bay Village record.” According to Deme Mekras of MSP Group, the current land sale record in the area stands at $744 per square foot, which would value the property at over $17.6 million.
The 0.54-acre site allows for significant redevelopment. Brokers say a buyer could construct up to 38 units in a building as tall as 150 feet, or potentially up to 50 units if additional development rights are acquired from either the city or private parties.
Deme Mekras noted that the property will be within walking distance of a planned island walk promenade, part of a major project by Sunbeam Properties. The Ansin family’s company owns 14 acres in North Bay Village and has plans for a large-scale development that would include approximately 2,000 residential units, a hotel, and commercial space. Mekras commented, “To be walkable to that, it’s going to be pretty special.”
Condo associations in Florida have faced increased pressure to address deferred maintenance and rising insurance costs following new safety laws enacted after the Champlain Towers South collapse in Surfside. Cohen said, “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 association dues had become “more of a burden than a benefit.”
The trend of selling entire condo buildings to developers has been observed elsewhere in North Bay Village. Related Group and Macklowe Properties previously acquired two nearby properties—Biscayne Sea Club and Majestic Isle—for their planned two-tower project. Their development, designed by Arquitectonica’s Bernardo Fort Brescia, was enabled by a special zoning ordinance passed unanimously by village commissioners.
Other developments are also reshaping Harbor Island. S2 Development sold a one-acre waterfront site at 7913 West Drive to El-Ad National Properties, which has approval for a 22-story residential tower.
Across North Bay Village, several other major projects are underway or approved. The Continuum Company controls multiple acres including former restaurant and hotel sites, with approvals in place for two condo towers, a hotel, and marina. Riviera Horizons is planning a Pagani-branded condo tower at 7940 West Drive—the first such project from the Italian hypercar company—while Shoma Group intends to build Shoma Bay, a mixed-use development with a Publix supermarket.
Vivian Dimond has also taken over an unfinished condo tower on Harbor Island at 7918 West Drive, aiming to complete it next year.
