Local developer Menachem Kranz bought out
a condo building along the water in Bay Harbor Islands to
redevelop the property with a luxury condo building.
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The condo at 9110 W. Bay Harbor Drive, Bay Harbor Islands, was bought out and could be redeveloped. |
Kranz said he’ll seek
site plan approval to replace the building with a 10-unit
condo of large units, which he described as "elevated luxury
mansions." They would range from 3,000 square feet with
three bedrooms to over 5,000 square feet with six bedrooms.
He anticipates prices will be around $5 million to $10
million.
There would be seven stories of condos above the lobby and
parking garage. Amenities would include a fitness center and
a rooftop pool. Each condo would have a terrace large enough
for a dining table, he added. The first condo will be about
10 feet above sea level to account for sea level rise, he
added.
While Kranz could have asked for more residential density on
the site, he felt a product with fewer units and larger
condo sizes is in higher demand from the many families
relocating from the Northeast.
“There’s very little available for families relocating from
the Northeast looking for a four- or five-bedroom house on
the water. A new home on the water is like $20 million,”
Kranz said. “This project would create houses in the sky on
the bay.”
He hired Miami-based Kobi Karp Architecture to design the
project. Attorney Neisen Kasdin of Akerman in Miami
represents the developer in the application. Kranz has yet
to select a brokerage to sell the condos.
Kranz said he hopes to launch condo presales in late 2022.
This would be Kranz’s first condo project. He’s previously
completed single-family homes in the Miami Beach area.
Many condo owners in South Florida are considering
terminating their homeowners associations and selling out to
developers because required repairs are too expensive,
especially as Miami-Dade cracks down on older structures in
the wake of the Surfside tragedy.