Waterfront Redevelopment Site — Bay Harbor Islands

Bay Harbor Islands is in the midst of its most significant redevelopment cycle in decades. Waterfront land has been almost entirely absorbed. This 22,500 SF site on East Bay Harbor Drive represents one of the last meaningful waterfront redevelopment opportunities on the island — a fact reflected in the intensity of developer interest the submarket currently commands. THE SITE Lot size: approximately 22,500 SF of direct waterfront. Existing structure: 28-unit multifamily building (1BR/1BA, ~1,000 SF each), built 1960s. Private dock with boating access to Biscayne Bay. Zoning: RM-1 Waterfront Multifamily. Maximum height: approximately 75 feet. Minimum unit size: 900 SF. THE OPPORTUNITY Current zoning and site plan support a boutique luxury redevelopment of 35–36 residential units across 8 stories, with rooftop amenities. Building footprint: ~11,000 SF. Total gross area: ~66,000 SF. Sellable area: ~52,000–55,000 SF. The private dock — an increasingly rare amenity in this submarket — adds meaningful lifestyle and resale premium. MARKET CONTEXT Bay Harbor Islands sits directly adjacent to Bal Harbour, one of South Florida's most prestigious enclaves. Residents are within walking distance of the Bal Harbour Shops, minutes from Miami Beach, and directly facing the Indian Creek Golf Course. The submarket has demonstrated consistent absorption for boutique luxury product, with comparable pricing at $1,700–$2,000 per SF at baseline and $2,000+ per SF for premium waterfront positioning. Recent comparable transactions confirm strong developer demand: sites in Bay Harbor have traded at significant premiums as remaining buildable land is absorbed. International buyer demand for finished product in this enclave remains structurally sound. ACQUISITION Asking price: $28,000,000. Full investment memorandum, existing survey, zoning documentation, and site plans available upon execution of NDA. Enquiries through Fabrizio Passatore exclusively.