Waterfront Bay Harbor Islands development site hits the market for $11M

Waterfront Bay Harbor Islands development site hits the market for $11M

Tuesday, January 17, 2017

Rendering of Akua

A development site with plans for a boutique luxury residential project on the water in Bay Harbor Islands hit the market this week for about $10.85 million.

Rendering of Akua

Records show Sina LLC and 9740 W Bay Harbor Drive LLC own the 22,500-square-foot development site at 9740-9760 West Bay Harbor Drive. It’s listed for sale with Veronica Fratto and one of the owners, Elias Sabbagh.

Sabbagh told The Real Deal that he and his partners are looking to either sell the site or joint venture with a developer.

The property, which has 150 feet of waterfront, was approved by Bay Harbor Islands for a 30-unit, eight-story building with a pool and cabanas. The asking price breaks down to $361,800 per approved unit, and about $217 per square foot for the planned 49,909-square-foot building.

The land comes with plans for a project tentatively called Akua that was designed by Frankel Benayoun Architects, led by architect Markus Frankel. Frankel is designing a number of boutique projects in the two-island town, which has been flooded with proposals for roughly 30 new condo and townhouse projects. Commercial and multifamily development is only allowed on the east island.

Akua marked the 26th project to file for plans with Bay Harbor Islands, TRD previously reported. Floor plans range from 1,017 square feet for a one-bedroom, two-bathroom unit to 2,047 square feet for a three-bedroom, three-bathroom unit with a den.

Bay Harbor Islands, tucked between Surfside and Bal Harbour on the east and North Miami to the west, has been marketed as a cheaper alternative to the increasing cost of oceanfront land in nearby cities. New developments include Kasa Bay Harbor, a seven-story, nine-unit project at 1125 97th Street; Bijou Bay Harbor, a newly completed nine-story, 41-unit project at 9521 East Bay Harbor Drive; and Sophie Bay Harbor, a 26-unit, seven-story building planned for 1045 92nd Street.

A previous sales price for the land was not available in county records.


Source: The Real Deal