Continuum Lands $344M to Build Waterfront Complex in Miami’s North Bay Village

Ian Bruce Eichner’s Continuum Company secured a $344 million construction debt package from S3 Capital for a master-planned waterfront development in Miami’s North Bay Village enclave, Commercial Observer has learned.

The gated development, called Continuum Waterfront District, will feature three buildings. The financing includes a $261 million construction loan for the first phase: a 36-story tower at 1755 JFK Causeway that will house 236 condo units, a waterfront restaurant and access to a marina. About half of the residences are under contract, per a representative for the developer.

The second phase next door at 1819 JFK Causeway nabbed the remaining $83 million as a pre-development loan. It will feature two buildings with an additional 300 condos, a hotel, a 20-slip marina, and a waterfront restaurant. The hotel, Continuum’s first, will house 96 rooms as well as 114 furnished hotel residences. 

“Our vision is to create a gated community that brings together branded residences, hospitality and rare waterfront access, transforming an underused edge of the bay into an active destination for residents, tourists and locals alike,” Eichner, chairman and CEO of Continuum Company, said in a statement. 

Construction for the first phase got underway a year ago and is expected to be completed in 2028. Although construction has yet to begin for the second phase, it’s expected to be done by 2030.

The developer assembled the 3.7-acre site between 2023 and 2024, paying a combined $108.5 million, according to property records.

A five-story motel stands on a portion of the parcel, where the second phase will rise. The complex also houses the Palm Tree Club, founded and owned by chart-topping DJ Kygo and his manager Miles Shear. The club has hosted events with other DJs Calvin Harris and the Chainsmokers. 

The day club, which replaced the Shuckers Waterfront Bar & Grill, is expected to eventually shutter, although a representative for the Continuum Company declined to provide an exact closing date. 

“This project represents the type of design-driven development we look to support, particularly in markets like South Florida where demand remains exceptionally strong,” Steven Jemal, managing, director of originations at S3 Capital, said in a statement. 

The loan marks somewhat of a deviation for S3 Capital, led by Robert Schwartz and Joshua Crane, which has mostly originated midsize construction loans for multifamily projects. 

The Continuum Company first made a name for itself in South Florida by developing the Continuum on South Beach condo complex, which was completed in 2008 at the very southern tip of Miami Beach. In recent years, it has stepped up its development pipeline in South Florida with condo projects such as the waterfront La Baia complex in Bay Harbor Islands and another waterfront project in North Miami, where it completed a condo buyout. 

Correction: The story has been updated to reflect that the master-planned development will feature three, not two, buildings.

Julia Echikson can be reached at jechikson@commercialobserver.com.