In their quest to find new land, developers in South Florida are turning to previously ignored locations.
The latest is North Miami Beach, where the developers 13th Floor Investments and Key International are planning a project with two 32-story towers near Maule Lake, which feeds into Biscayne Bay.
The 4.5-acre, $315 million development — called the Harbour — will have 425 luxury condo units, a marina and an “Aqua Club” that will offer kayaking, sailing, scuba diving and other water sports. The project has an address at 16385 Biscayne Boulevard.
“The way Miami is trending, it’s going northward,” said Iñigo Ardid, co-president of Key International. “Waterfront has become very difficult to come by further south.”
By building in North Miami Beach, Ardid said, developers are able to offer “a price point that is very attractive for units that have uninterrupted views of Biscayne Bay and are five minutes from Sunny Isles Beach.”
The average price per square foot at the Harbour is $650. The development team says buyers have reserved 80 percent of the units, and it plans to break ground in the last quarter of 2015.
The city of North Miami Beach has long struggled to build up its downtown and boost its tax base — but in March, the city council voted on a major overhaul to its zoning and land-use laws that will allow for more mixed-use development and greater building density.
Another luxury condo and marina project in the city — the Marina Palms Yacht Club and Residences at 172nd Street and Biscayne Boulevard — recently received an $87 million construction loan to build a second condo tower. The first tower is scheduled to open this summer.