El-Ad Buys Waterfront Site Near Miami for $20M
Seller secured entitlements for a 94-unit condo development
By Julia Echikson May 7, 2025 6:05 am
reprints
El-Ad National Properties paid $20 million for a waterfront site in North Bay Village, Fla. — almost quadrupling the value of the parcel in three years, property records show.
The 1-acre site — which sits on an island town between Miami and Miami Beach at 7915 West Drive — currently holds a surface parking lot. The seller, S2 Development, had purchased the property for just $5.5 million in 2022.
Aventura-based S2 secured entitlements to build a 22-story condo building with 94 units on the site. The 328,277-square-foot development is set to feature 177 parking spots, a pool, and a gym, with units ranging between 1,720 and 3,007 square feet.
El-Ad National Properties, a division of Israeli billionaire Isaac Tshuva’s El-Ad Group, secured a $10 million loan from Metropolitan Commercial Bank. Last year, the company completed the luxury Alina Residences condo complex in Downtown Boca Raton.
Representatives for S2 and El-Ad did not immediately respond to a request for comment.
North Bay Village is seeing a rush of luxury development. In March, Continuum Company broke ground on a 340-foot residential tower. The month before, BH Group paid $84 million for an aging, waterfront residential complex, with plans to redevelop it into luxury condos. Two years ago, Harry Macklowe and Related Group bought out the Majestic Isle condo and also have plans to redevelop it.
Julia Echikson can be reached at jechikson@commercialobserver.com.
