Sales  ·  Land

Continuum Company Buys North Bay Village Site for Lux Condo Project

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The Continuum Company is one step closer to getting a luxury condo project in North Bay Village, Fla., off the ground. 

The New York-based developer closed on a $35 million purchase of a vacant waterfront site at 1755 79th Street Causeway, both the buyer and the seller, Miami-based B Developments, confirmed Wednesday. 

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B Developments flipped the 1.3-acre parcel for more than double the $16 million price it paid for the site just two years ago, another indication of Miami’s skyrocketing land values over the past two years. Samuel Heskiel brokered Continuum Company’s purchase. 

The Continuum Company already has approvals to build a 31-story condo tower on the site with 201 units, 45,000 square feet for amenities, and 13,415 square feet for a restaurant, and 1,700 square feet for a juice bar or coffee shop. Sales of the condos are slated to begin in the fourth quarter of this year, according to a representative for Continuum, who declined to comment about the project’s construction timeline and financing.  

The Arquitectonica-designed building in North Bay Village will be Continuum’s second eponymously branded project, Continuum’s representative said. In Miami Beach’s swanky South of Fifth neighborhood, the firm developed the Continuum On South Beach condo complex, completing the two-tower property in 2008. 

“We envision North Bay Village the same way we once envisioned South of Fifth – with enormous potential for growth,” Ian Bruce Eichner, chairman and CEO of Continuum Company, said in a statement. 

The 525-acre island town, located between Miami and Miami Beach, is set to undergo a rush of development.

Just east of the Continuum’s newly acquired site, city officials earlier this year greenlighted the Jesta Group’s project for a 30-story mixed-use building, which will include 345 rental units, of which 18 will be workforce housing, as well as a 273-room hotel. Last year, the Ansin family, owner of local television station WSVN Channel 7, scored approvals for a 7.3 million-square-foot mixed-use development. 

In nearby Bay Harbour Islands, the Continuum Company is developing the waterfront La Baia two-building condo project, now under construction. 

Julia Echikson can be reached at jechikson@commercialobserver.com