PPG Development Launches Kobi Karp-Designed Bay Harbor Towers in Bay Harbor Islands

PPG Development and L3C Capital Partners have launched sales for Bay Harbor Towers, an eight story luxury waterfront condominium located at 10143 East Bay Harbor Drive in Miami’s exclusive Bay Harbor Islands. Fortune Development Sales will lead the exclusive sales and marketing of Bay Harbor Towers with prices starting at $1.9 million. PPG Development and L3C Capital Partners previously secured a $70 million dollar construction loan with MSD Capital for the project.

The luxury waterfront project will feature a collection of 44 spacious flow-thru, two-to-four-bedroom private residences distinguished by open-concept living spaces meticulously designed to capitalize on stunning views of Biscayne Bay and the Atlantic Ocean. Positioned in a prime location on the Indian Creek waterway, Bay Harbor Towers offers owners easy access to several hotspots in the area including Bal Harbour Shops, Kane Concourse, and Miami Beach.

In addition to the standout indoor and outdoor lap pools, amenities also focus on health and wellness by offering hot/cold plunge pools for year-round aquatic activities, a spa complete with a sauna, steam room, massage treatment room, relaxation zone, and an advanced fitness center featuring equipment by Paragon Studio.

Beyond these impressive amenities, each residence in Bay Harbor Towers exudes luxury through its sophisticated design and details. Each unit offers a full chef's kitchen that blends both elegance and functionality. The gastro-sanctuary features European-made oak wood cabinetry with intricate fluted detailing and brushed brass fittings, complemented by marble countertops and backsplashes, as well as functional details such as wine fridges, oversized workstation sinks and gas stove cooking. Additionally, the bathrooms feature custom double vanities with marble countertops, porcelain flooring throughout, an oversized sculptural soaking tub designed for deep relaxation, and full-height glass-enclosed showers.

“PPG Development is very excited to introduce Bay Harbor Towers, a project curated around inspired living,” said Ari Pearl, founder of PPG Developments. “Bay Harbor Towers offers unmatched amenities that address the needs of residents such as a wellness center that rivals a five-star spa, the only full-length lap pool of its kinds in a condominium building, private marina and more, all within the privacy of an architecturally significant development nestled in the heart of Bay Harbor. At PPG Development, we take pride in delivering projects that feature intentional spaces designed with the buyers' lifestyles in mind.”

Bay Harbor Towers is also complete with a private marina and boat dock slips, the development boasts extensive outdoor amenities, including a rooftop infinity pool and sundeck with sun-loungers, daybeds, and cabanas, an open-air summer kitchen and dining area, and a relaxing hammock garden and lounge seating area.

“Bay Harbor Towers offers an exclusive lifestyle where every detail has been designed to enhance residents’ daily lives through thoughtful elements that manifest in every detail throughout the building,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We're looking forward to how this luxury condominium will bring an elevated sense of living to the Bay Harbor community, expecting it to redefine luxury waterfront real estate in the area.”

An unparalleled residential destination, Bay Harbor Towers showcases architecture by the globally renowned Kobi Karp, interior design by Steven G., and landscape architecture by CLAD. Bay Harbor Towers boasts a distinctive design that effortlessly blends luxury and convenience. Residents enjoy a range of amenities, including private and semi-private elevator access to their personal foyers, expansive open-concept living areas ideal for family gatherings and entertainment, floor-to-ceiling windows that fill the interiors with an abundance of natural light, and generous East and West terraces that provide the perfect vantage point for witnessing both sunsets and sunrises. The building's design makes a strong visual statement, incorporating dark features that demonstrate a high level of care and attention to these spaces.

Tucked away from the nearby hustle and bustle of metro Miami, Bay Harbor Islands offer a tranquil and picturesque residential haven. This peaceful retreat, in close proximity to the city's most popular attractions, provides the best of both worlds. Thanks to its ideal waterfront location and spacious balconies that invite indoor-outdoor living, Bay Harbor Towers embodies the quintessential Miami lifestyle.

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.