The Eichner family’s Continuum Company completed its bulk purchase of a waterfront condo building in North Miami where the firm plans a luxury condo tower.
The New York and North Bay Village-based development firm, led by Ian Bruce Eichner, paid $48.5 million for the four-story, 46-unit condo building at 12000 North Bayshore Drive, a spokesperson said. The developer previously secured approval to build a 22-story, 267-unit condo building.
Continuum plans to reveal project details and launch sales early next year, according to a press release.
Eichner, chairman and CEO of Continuum, said in a statement that the firm “worked closely with the owners at Mariners Bay to consolidate the property through the condominium termination process.” A termination of the association is a required legal step so a developer can eventually knock down the former condo building.
In October, CW Investment Advisers sued Continuum over the financing backing the buyout of Mariners Bay. CW alleges it’s owed more than half a million dollars in fees tied to the sale, which was expected to close earlier this year.
The developer began negotiating with unit owners about three years ago and secured a rezoning of the property to allow for a 217-foot residential tower earlier this year. The association was facing “mounting long-term deferred maintenance obligations and substantial special assessments,” according to the release, which totaled $6.5 million in repairs, the South Florida Business Journal previously reported.
About 1.5 acres of the property are submerged land in Biscayne Bay. The new project will have about 150,000 square feet of amenities, including a marina, water sports, golf and a health, wellness and social club. Kobi Karp Architecture and Interior Design is the project architect, Paul Duesing Partners will handle the interior design, and Martha Schwartz Partners is designing the landscaping.
Continuum has a $3 billion, 1,000-unit condo portfolio in South Florida that includes planned projects in North Bay Village and Bay Harbor Islands.
In August, Continuum secured a $67 million construction loan for the second phase of its Bay Harbor Islands condo project. The developer received the financing for La Baia North from S3 Capital Partners, a New York-based alternative lender that provides middle-market construction loans and bridge loans.
This summer, the development firm secured unanimous approval from the North Bay Village Commission for a special area plan, site plan and development agreement for the Continuum Waterfront District. The district is planned to have two Continuum condo towers, a 200-key Continuum hotel and a marina. One tower can now be up to 440 feet tall. The site includes the former Shuckers Waterfront Bar & Grill, now called the Palm Tree Club.
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