The Continuum Company Acquires North Bay Village Development Site For $35 Million

New York based development firm The Continuum Company has closed on the purchase of 1755 Kennedy Causeway, a 1.34-acre site in Miami’s exclusive North Bay Village. Samuel Heskiel, CEO and Co-Founder at Beachfront Realty was the land broker for this deal, which was purchased by the firm for $35,000,000.

This land purchase marks the latest in Miami for New York developer Ian Bruce Eichner, who is well known for developing the Continuum South Beach in Miami’s South of 5th neighborhood, as well as launching their latest project La Baia. The site plan approval allows the firm to build a 31-story, 201-unit luxury condominium with a 13,415 square foot waterfront restaurant with over 45,000 square feet of resort-style amenities.

“With astonishing views, access to the beach and mainland, and a private island community, this was an obvious choice for our second-ever Continuum-branded project,” said Alexandra Eichner, President of Continuum Florida.

The firm plans to come to market with their second ever Continuum-branded project in South Florida Q4 of 2023.

“We envision North Bay Village the same way we once envisioned South of Fifth – with enormous potential for growth,” said Ian Bruce Eichner, Chairman and CEO of Continuum Company. “We believe the neighborhood is primed to undergo a radical transformation and we are excited to lead the way. We are bullish on North Bay Village and excited to continue to be a developer that ushers in a new era for the community.”

Set for a dramatic transformation, North Bay Village serves as a small enclave encompassed by two small islands between Miami Beach and the mainland of Biscayne Bay. With the neighborhood itself separated from the bustle of the nearby metro of Miami, the city's numerous attractions are still within a short drive including premiere shopping and the beach, showcasing the best of both worlds.

North Bay Village went almost a decade without any new developments, featuring more single-family homes than high-rises to keep a quaint community feel. According to Miami-Dade records, by 2025 five new condo developments are expected to be delivered. Pacific & Orient Properties recently broke ground on 7918 West Drive, a waterfront luxury condo development, and Shoma Group is developing Shoma Bay with a Publix and Shoma Bazaar food hall.

The Continuum Company experienced great success with La Baia South, which launched sales in October and sold out in under six months. Well known for producing visionary real estate developments, Bruce has an array of projects headlining his portfolio, including Madison Square Park Tower, City Spire, One Broadway Place, The Manhattan Club, The Royale and Montague Street in Brooklyn Heights, the Continuum South Beach and the Cosmopolitan Resort & Casino on the Las Vegas strip.

Allen Morris Company's AMS Hospitality And Black Salmon Joint Venture Acquire Circa 39 Hotel In Miami Beach For $25.5 million

AMS Hospitality, the affiliate hospitality group of The Allen Morris Company, and Miami-based national commercial real estate investment firm Black Salmon have acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million. Located at 3900 Collins Avenue, the Art Deco-style Circa 39 Hotel is across from the iconic Miami Beach boardwalk and housed within two buildings, which include a surface lot across the street. Melissa Rose of JLL Capital Markets arranged the financing for the acquisition. The transaction was overseen by Samuel Heskiel of Beachfront Realty and Miguel Pinto of Apex Capital Realty.

The asset will undergo a multimillion-dollar renovation which will reposition it as an upper-upscale, independent lifestyle hotel with a reimagined pool deck and new internationally recognized food and beverage concepts. It is strategically located in the growth path of mid-Miami Beach. Highgate, a leading real estate investment and hospitality management company in the U.S., Caribbean, and Latin America, has been selected to provide property management services for the hotel.

“The acquisition of Circa 39 Hotel is an extremely positive step in the evolution of AMS Hospitality,” said W. Allen Morris, Chairman & CEO of The Allen Morris Company and Principal of AMS Hospitality. “We are delighted to once again be partnering with Black Salmon, as our joint teams continuously explore new opportunities.”

The acquisition of the Circa 39 Hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S. The two firms have additional assets under contract throughout the southeast United States. The partnership between AMS Hospitality and Black Salmon leverages the key strengths and expertise of both firms across the disciplines of acquisitions, asset management, and capital raising.

“Miami has always been a target market of ours for investment given its long-standing, global recognition as a preferred travel destination, now reinforced by its ability to rebound quickly in the pandemic.” said Jorge Escobar, managing partner and co-CEO of Black Salmon. “Our strategy of identifying boutique, select-service hotels allow us to provide the capital to reposition the property, increasing revenue and elevating the guest stay.”

With increasing vaccination rates nationally, and South Florida’s easing of COVID-19 restrictions, the return of leisure travel is evidenced by rising hotel occupancy rates. Miami is among the top 35 hotel markets in the country and has become a popular destination for travelers from the Southeast, Midwest, and California.

AMS Hospitality has a billion-dollar acquisition and development pipeline including the recently completed $87 million UNC Charlotte Marriot Hotel & Conference Center in North Carolina and the under construction Kimpton Midtown Union Hotel with MetLife in Atlanta. Black Salmon has a nearly half a billion-dollar portfolio, which includes prime office, senior housing, and hospitality assets.