Eichner, Aksoy Launch Sales of Continuum North Bay Village

by NEW YORK DIGITAL NEWS


Developer Ian Bruce Eichner is launching sales of his second Continuum condo development in South Florida, a nearly 200-unit tower in North Bay Village. 

Eichner’s Continuum Company is partnering with Aksoy Holding, a Turkish conglomerate with holdings in oil, gas, hospitality and real estate, on the luxury condo building planned for 1755 79th Street Causeway. The firms are 50-50 partners, Eichner said. 

Eichner, Aksoy Launch Sales of Continuum North Bay Village

Continuum Club & Residences, a 32-story, 198-unit building on the north side of North Bay Village, will mark the latest Continuum development for Eichner in South Florida, after completing the two-tower Continuum in Miami Beach more than two decades ago. Eichner’s firm paid $35 million for the 1.4-acre North Bay Village site in February. 

The project is one of a handful of new developments planned in North Bay Village

Unit prices at the Continuum start at just under $1 million, and the units will range from one- to four-bedroom condos and penthouses sized between 800 square feet and 4,000 square feet, according to a press release. 

Eichner, Aksoy Launch Sales of Continuum North Bay Village

Douglas Elliman is leading sales and marketing, and broker Phil Gutman, who previously worked for Elliman, is an adviser to the developer. 

Eichner said he has known Erdal Aksoy, founder and chairperson of Aksoy Holding, for more than 20 years. Aksoy was one of the first buyers at the Continuum in Miami Beach, and he approached Eichner about investing in a project about five years ago, Eichner said. Aksoy developed the Ritz-Carlton Residences in Bodrum, Turkey. 

Eichner said he expects to sell the North Bay Village project for about $1,500 per square foot, blended. 

Eichner, Aksoy Launch Sales of Continuum North Bay Village

He plans to begin work on the seawall in April and begin foundation work in October or November of next year. Construction could go vertical by May 2025. Based on that timeline, the building could be completed by the second quarter of 2027. 

Eichner said he is coping with high construction and insurance costs by pricing it into the units. 

He again compared North Bay Village to Miami Beach’s South of Fifth neighborhood, where the first Continuum was completed. 

Eichner, Aksoy Launch Sales of Continuum North Bay Village

“You identify undervalued neighborhoods that are poised for growth, and that’s where you create value,” he said. “The [Continuum] brand produced tremendous value for all of the buyers.

I will be shocked if that’s not the case at Continuum on the bay.” 

The design team includes Arquitectonica, Durukan Design and landscaping by Martha Schwartz Partners. The units will have wraparound terraces and high-end kitchens and bathrooms. The 50,000 square feet of indoor and outdoor amenities will include pools, a Jacuzzi, marina with boat pickup and drop-off, gym and sports courts. The building will also include a waterfront restaurant, a market and a dog park, according to the release. 

Eichner is also working on La Baia, a two-building luxury condo project in Bay Harbour Islands. The south tower is sold out, and the north tower is about 40 percent presold, he said. 

North Bay Village has attracted a wave of developers since city officials approved a zoning code overhaul in 2020. Last year, the village’s commission approved a height increase for land included in Sunbeam Properties’ special area plan. The firm, owned by the billionaire Ansin family, plans a phased development north and south of the 79th Street Causeway with residential, office and hotel components. 

New York developer Harry Macklowe is partnering with the Pérez family’s Related Group to redevelop the Biscayne Sea Co-op and neighboring land into potentially thousands of residential units, though the developers have yet to confirm their plans. 

Pacific & Orient Properties is under construction on a 21-story, 54-unit waterfront condo at 7918 West Drive. 

Last year, Masoud and Stephanie Shojaee’s Shoma Group launched sales of Shoma Bay, a 327-unit, 21-story condo tower at 1850 79th Street Causeway in North Bay Village. 

Read more



Source link

You may also like