WeWork Co-Founder Adam Neumann Buys Bal Harbour Marina Properties For $44 Million

Ousted WeWork Co-Founder Adam Neumann has acquired two home sites on the Bal Harbour Marina for $44 million. Neuman recently sold his estate in Northern California for $22.4 million and joined the influx of wealthy investors moving to South Florida. The off-market transaction was overseen by Tony Imbesi, who represented the seller, and Brett Harris of Douglas Elliman represented the buyer.

The double-lot property spans 50,000 SF and offers 360’ of waterfront with multiple boat slips. A 14,500 SF home is under construction on one lots which Neuman plans to finish.

Neuman purchased the property from real estate investor Joseph Imbesi, who also owns the former site of the Bal Harbour Yacht Club which is listed for $65 million on the tip of the Bal Harbour Marina. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

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Ian Bruce Eichner's Continuum Company Closes On Bay Harbor Waterfront Development Site, Plan September Sales Launch

Ian Bruce Eichner, developer of the Continuum South Beach, an iconic luxury condo tower in Miami Beach’s exclusive South of Fifth neighborhood, is back in South Florida with a new project involving two of the last large-scale vacant land parcels remaining in Bay Harbor Islands, Florida.

Eichner’s Continuum Company close on two properties located at 9201 East Bay Harbor Drive and 9461 East Bay Harbor Drive for $29,500,000. Phil Gutman oversaw the transaction and will be spearheading sales and marketing efforts for the project. Eichner submitted plans to the city, which are subject to modification, calling for two 7-story condominium towers with a combined 142 units and 34 boat slips.

“We’ve been looking for the right development opportunity to re-enter the Florida market. Bay Harbor is an overlooked neighborhood with many of the same attributes that contributed to the desirability and success of Continuum South Beach,” said Eichner.

Presales are anticipated to launch this September with a planned December groundbreaking. The 23-month construction schedule calls for a November 2023 delivery date. As with the Continuum South Beach, this Bay Harbor project will offer the same high quality deliverables and finishes that have become hallmarks of the Continuum Company.

“Bay Harbor is a phenomenal community. Steps from the beach and walking distance of the Bal Harbor Shops, we envision a development that will offer Bay-front living with boat slips that will allow residents to take full advantage of direct access to Biscayne Bay, the Atlantic and nearby boating destinations like the Bahamas and Florida Keys,” said Eichner.

Former Site Of Bal Harbour Yacht Club Hits The Market For $65 Million As Luxury Home Site

Real estate investor Joseph Imbesi has listed the former site of the Bal Harbour Yacht Club for $65 million. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

The 80,040 square foot lot of land was never meant to be a home site when Imbesi purchased the land in the 1990s but he worked with the city for the past few years and got the entitlements to convert the property into a home site and they finally got approved. This particular lot is the most special piece of the 1990s purchase, it is where the Bal Harbour Yacht Club building, designed by Alfred Browning Parker, once stood. It took Imbesi many years of working with the city to reposition this property into the future site of what will be the most special home in South Florida.

The property is a peninsula with water on three sides and also features 200 feet of road frontage. It comes with 7 boat slips on the inside of the protected waterway where the buyer will have the riparian rights to build new docks or helipad. Land under water on inside of marina is privately owned so you have the ability to do something creative that extends far off of the seawall.

The property is now listed for $65,000,000 with Tony Imbesi of Douglas Elliman.

For more information about the home site at Bal Harbour Yacht Club, private showings or purchasing/ leasing information please fill out the form below:

Macken Companies Announces Development Of Koya Bay Luxury Townhome In North Miami Beach

Macken Companies has announced plans to develop Koya Bay luxury townhome in North Miami Beach and scheduled to break ground Q2 2021. The development plans include 10 four-story luxury residences in the waterfront community of Eastern Shores. Each residence will feature a private elevator, rooftop terrace, dock, and two-car garage with optional car lift. 

“I have had my eyes on this site for a long time and we are excited to finally deliver a project designed to capture the opportunity this beautiful property presents,” stated Alan Macken, CEO Macken Companies. “Koya Bay is a boater’s delight with no fixed bridges and minutes away from the Haulover cut and sandbar. Once again, we have partnered with our award-winning team of design professionals, and the result is an exceptional boutique community of waterfront townhomes that we believe provides our buyers with a distinct opportunity.”  

Koya Bay will feature three, four and five bedroom floorplans ranging between 2,900-3,600 sq.ft with pricing starting at $1.9 million. Randall Stofft Architects and Witkin Hults Design Group have designed these waterfront townhomes in a modern but earthy style. Residents will enjoy the safely of the gated community with around the clock security along with amenities including beach and boat club memberships. 

Koya Bay is located in the neighborhood of Eastern Shores at 4098 NE 167 St. in North Miami Beach. It is located within a few minutes’ drive to the beach, Aventura Mall and Bal Harbour Shops. Macken Realty is the exclusive sales agent for Koya Bay.

Spec Home Hits Market In Bal Harbour Asking Highest Price Per Square Foot For a Dry Lot

A spec home at 161 Camden Drive has hit the market in Bal Harbour asking the highest price per square foot for a dry lot home in the ultra-wealthy village which sits just north of Miami Beach. The tropical modern residence is designed by One D+B Miami/ H2 Architecture and asking $6,930,000, which equates to $938 per square foot. The home is currently under construction and is expected to be completed in Q4 2020.

161 Camden Drive spans 7,387 square feet with 7 bedrooms and 8.5 bathrooms. The lavish spec home features high-end natural finishes, an entry water garden, two story waterfall, and salt water pool. The home sits on an oversized 15,207 square foot lot within an exclusive gated community.

161 Camden Drive is currently listed for $6,930,000 with Moshe Goldshtein of Harding Realty.

The Choeff Levy Fischman-Designed 224 Bal Bay Drive Breaks Records In Bal Harbour With $24 Million Sale

224 Bal Bay Drive has closed for $24 million after being listed on February 8, 2019 for $24.95 million with Dina Goldentayer of Douglas Elliman. The home was on the market less than 5 months before closing to an undisclosed buyer represented by Sandra Debuire of Coldwell Banker. This represents the highest sale ever recorded in Bal Harbour, Florida for a single-family home, 182 Bal Bay Drive previously held the record when closed for $17.5M in 2013.

Designed by award-winning architects, Choeff Levy Fischman, with interiors by designer Deborah Wecselman, the 11,700 SF modern home has 100’ of water frontage and unique to the area, a 1,433 SF rooftop space that is solar-panel ready.

The luxurious home features 8 bedrooms and 9 bathrooms along with a media room, lounge, multi-purpose room, a master bedroom suite with two large terraces and on one of the terraces, its own outdoor shower, a large indoor gym, elevator and 50’ infinity-edge lap pool with bright blue mosaic tile overflows into a reflective pond and connects to a smaller shallow splash pool. Lush landscape surrounds a covered terrace with firepit, reflecting ponds, floating stepping stones, and an outdoor dining area, with full kitchen and a cabana bath. The roof is also an ideal space for entertaining, and has been designed to include an elevated wooden deck, a custom built-in bar with tropical wood finish and custom built-in seating.

HFF Secures $550M Loan For Expansion Of Luxury Retail Destination Bal Harbour Shops

Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami. The HFF capital markets team was led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack. MetLife Investment Management’s Arun Singh, vice president for the Southeast Region, and Jay Gadsby, director, originated the loan on behalf of MetLife Investment Management.

HFF worked on behalf of the borrower, Miami-based Whitman Family Development, to place the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and expand Bal Harbour Shops by an additional 300,000 SF, including a 57,414 SF space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States. A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. The renovation will also bring a new grand entrance at the northeast quadrant of the property along with an expansion of the Neiman Marcus space by 20,000 SF.

“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market,” Drew said.  “As the climate shifts for many traditional retail centers across the U.S., Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world. The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow Whitman Family Development’s expansion plan to come to fruition.”

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour.

“We’re delighted to support the expansion of one of the nation’s leading luxury shopping centers in the U.S.,” Singh said.  “This development will support the local economy and ensure that Bal Harbour Shops remains a destination of choice for many years to come.”

Pordes Residential Oversees The Successful Sell-Out Of Peninsula Palm Beach and 101 Bay Harbor

Pordes Residential has recently overseen the sell out two South Florida developments, Peninsula Palm Beach and 101 Bay Harbor, marking the firm’s continued success in South Florida. Peninsula on the Intracoastal is a luxury, waterfront community of 40 luxury condominiums and 30 townhomes, located in Palm Beach County. For this development, Pordes created a targeted campaign for homeowners out west, resulting in the buyers largely consisting of individuals purchasing their second homes as well as homeowners moving east in pursuit of a waterfront property. Additionally, many empty nesters from the northeast were drawn to the luxurious amenities and prime location. 101 Bay Harbor is an enclave of luxury townhomes located in Bay Harbor Islands, one of the most prestigious locations in South Florida next to Bal Harbour, Surfside, Keystone Islands and Sunny Isles.

“The sellouts of 101 Bay Harbor and Peninsula are important steps in our continued expansion,” said Vice President of Sales and Operations Adam Kaufman. “We’ve customized our strategy to the local, domestic and Canadian markets, and it definitely paid off. In addition to our reach, we take great pride in our training process and passing on our methods to every agent we bring on board. We’re very hands-on with both our management and our clientele.”

In addition to these two sold out developments, Pordes Residential are also managing sales for Bijou Bay Harbor, which is currently 95% sold and the firm is handling the exclusive sales for Palm Villas in Bay Harbor Islands, a community of four-story villas located in Bay Harbor Islands. The luxury villas range from three- to- five bedrooms and have European kitchens, spacious rooftop terraces, and lush backyards. Palm Villas is a gated community located in a prestigious area with close proximity to luxury shopping destinations, beaches, restaurants, and schools.

Check Out This Marble Masterpiece Condo In Oceana Bal Harbour Asking $8.49 Million

A completely custom modern marble masterpiece located in Oceana Bal Harbour has hit the market for $8.49 million. The residence emits an abundance of natural light and offers scenic ocean views, perfect for those seeking an authentic Miami experience. The spacious turnkey residence features 4 beds, 5.5 baths and floor to ceiling glass doors that open to a large wrap around terrace. The unit also features private elevator entry into fine interior spaces including a spacious living room, Dada Kitchen with Gaggenau appliances, a large master suite overlooking the ocean, his and her master bathroom with an oversized vessel soaking tub, and custom built-in closets.

Resort style amenities at Oceana Bal Harbour include 2 pools, beach and pool service, a restaurant, tennis courts, spa, fitness center, movie theatre, and 24-hour concierge service.

Oceana, 10201 Collins Ave Unit 401, Bal Harbour is currently listed for $8.49 million with Lana Bell and Darryl Fox with ONE Sotheby’s International Realty.

Images via ONE Sotheby’s International Realty

De Beers, the Legendary Home of Diamonds, Opens New Showroom At Bal Harbour Shops

The legendary Home of Diamonds, De Beers, has opened a new South Florida showroom at the Bal Harbour Shops. The new showroom marks De Beers’ third U.S. store location. The new store, full of airiness and light, will showcase wondrous pieces by De Beers, with 600 SF of space devoted to the legendary Home of Diamonds.

In celebration of its new Bal Harbour store opening, De Beers will be unveiling a new Enchanted Lotus malachite pendant in a world premiere ahead of its global launch in September. Sparkling with pristine diamonds, the serene flower blooms within verdant malachite, symbolic of abundance and growth, in natural synergy with the lush, green oasis that is Bal Harbour Shops. The Enchanted Lotus Malachite Pendant, featuring 18K white gold and approximately 0.3 carats of diamonds, will be exclusively available at the new Bal Harbour location for $2,750.

“There is much to celebrate with our reopening at the Bal Harbour Shops, the most inspiring mall in Florida” says Francois Delage, Chief Executive Officer, De Beers Jewellers. “Our clients in the US are some of our most loyal and Bal Harbour caters towards a very discerning international clientele that we wanted to delight in the right space.”

“Whilst our clients engage more and more across our digital platforms, we believe that our stores complement the overall experience and allow a very intimate and informative moment. After all, seeing the diamond with your own eyes inspires the emotion that we invite all our clients to feel. It is also here that you can benefit from the expertise and passion of our in-store Brand Ambassadors,” explains Delage.