Privee Capital plans a 12-unit waterfront condo project in North Beach, marking continued residential development appetite for the neighborhood.
The Miami Beach-based development firm will build a five-story building on a 0.8-acre lot at 1940 Bay Drive in Miami Beach, according to Scott Alcus, managing partner at Privee.
Designed by Revuelta, the building will include four private boat slips and three penthouses, each with access to private rooftop pools and outdoor kitchens.
The Miami Beach Design Review board gave final approval to the project on April 2.
Privee paid $7.4 million for the development site in 2021, according to property records. The property now is home to a two-story, 23-unit apartment building, completed in 1955.
The apartments are fully leased, though the agreements include a clause allowing for the redevelopment of the site. as long as advance notice is provided to tenants, Alcus said.
Construction is expected to start late this year or early next, he said.
Privee is in the process of analyzing North Beach’s condo market prior to launching sales. Alcus said a preliminary review of the area shows units could sell for $1,500 per square foot to $1,800 per square foot.
Privee, which is also led by Jonatan Sredni, is ramping up its South Florida residential development pipeline. In Coral Gables, Privee plans a nine-story, 144-unit apartment building at 301-341 Madeira Avenue.
In North Beach, Miami Beach-based Lefferts launched sales this month of a 14-story, 126-unit non-waterfront condo at 600 71st Street. Prices at Palma Miami Beach Residences start at $650,000. The firm, founded by Mendy Chudaitov, also plans the 22-story, 266-unit 72 Park condo at 580 72nd Street, also in North Beach.
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