A New York developer boosted South of Fifth — Miami Beach’s high-rise haven for the rich — with the Continuum at the tip of South Beach. Now, Ian Bruce Eichner is setting his sight on Bay Harbor Islands.
At a time when many developers are eyeing Wynwood and Edgewater, Eichner is betting on the waterfront appeal of Bay Harbor Islands, just across a short bridge from Bal Harbour.
“I’ve always been an intellectual contrarian. … Like the Continuum, I went to a place that was under developed and had the opportunity to develop a project that was highly desirable,” Eichner said. “These are the last two major undeveloped lots on the water with boat slips.
“As they say in Brooklyn, it don’t get better.”
A pair of small isles comprise Bay Harbor Islands, dotted with mid-rise condos and apartments that are home to about 6,000. Local shops and restaurants line the main street of Kane Concourse; Bal Harbour sits east just across the bridge.
Eichner highlighted the proximity to Aventura, Miami Beach and the town’s police and fire departments and Ruth K. Broad Bay Harbor K-8 Center’s high rating as pluses.
While development in Bay Harbor has been limited in recent years, the 41-unit waterfront condominium Onda is also in the works.
Eichner’s project, which has not yet been named, will consist of two waterfront 7-story buildings with a total of 142 units and 34 boat slips at 9201 East Bay Harbor Dr. and 9461 East Bay Harbor Dr., Eichner said. The founder of The Continuum Company, LLC closed on the side-by-side lots this month, paying a combined $29.5 million. Financing comes from Fortress Investment Group.
Architect Luis Revuelta will design the $50 million project. Eichner said he expects to start in the first quarter of 2022.
Since completing Continuum South Beach in 2008, Eichner has focused on projects in New York and Las Vegas. Late last year, The Real Deal reported he and TSG Group would join forces on a 70-story condo-office tower in Brickell.
Unlike other New York businesses expanding to Miami, Eichner plans to stay put in the Big Apple. In April, he sold his 11,000-square-foot penthouse in the south tower of the Continuum for $35 million, as first reported by the Wall Street Journal.
“I’m a New York guy. I don’t see myself today relocating to South Florida on a permanent basis,” he said. “The [South Florida] market today is pretty frothy. I don’t envision my acquiring anything until there’s clarity regarding the volatility of the South Florida market. I like Bay Harbor Islands so much that I might take a unit there.”