Sunbeam Properties has purchased the 24-unit Treasure Island Cove Condominium located at 1639 N. Treasure Drive in North Bay Village for a total of $8 million from individual owners. According to reports from the South Florida Business Journal, this condo complex sits on a landlocked site spanning approximately three-quarters of an acre and was originally built in 1952. The Miami-Dade County Property Appraiser assessed many units within the complex at prices ranging from mid-$100,000s.
However, Sunbeam paid significantly more for each unit – $333,333 to be exact – as part of their plan to demolish the existing condominium and incorporate it into their larger development project in North Bay Village. This development now encompasses a total of 14 acres and was approved by North Bay Village officials for over 7.1 million square feet of mixed-use space including residential units, office space, retail shops and even a hotel.
The first phase of this ambitious project will involve constructing a new condo tower with around 250 units on what is currently an office building site.
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