Bay Harbor Towers
Description
PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.
Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.
“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.
The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.
“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.
Amenities
- Rooftop oasis featuring 55’ infinity edge pool and sunset jacuzzi, sundeck with chaise loungers, daybeds and cabanas, open-air summer kitchen with grills and dining areas
- Wellness spa with hot and cold plunge pools, steam room and sauna
- 50’ indoor heated saltwater lap pool
- Massage treatment room, relaxation area, towel-service
- State-of-the-art fitness center and yoga studio with bespoke Paragon® equipment
- Private marina and boat slips for boats ranging from 35’ to 50’ linear feet, direct ocean access through Haulover Inlet
- Owners lounge with news cafe
- Outdoor community greenspaces with relaxing hammock garden and lounge seating areas
- Water sports launch dock
Features
BUILDING OVERVIEW
- 8-story waterfront property featuring 44 exclusive residences located on Indian Creek waterway
- Spacious 2–4 bedroom + den homes ranging from 1,870 – 3,393 SF
- Flow-thru units with bay views and large sunrise and sunset terraces
- Bayhouse and Penthouse residences featuring private pools ranging from 3,327– 4,912 SF
- Florida Green Building Coalition certified
- Private marina with 13 boat slips
- Common areas featuring the exquisite Italian furniture brand Hessentia by Cornelio Cappellini
- 24/7 receptionist, concierge and valet
- Delivered fully finished with large format Italian porcelain flooring, kitchens and bathrooms
- Beach club access
- Pet friendly
- Covered parking and EV charging
- Bicycle and water sports storage
CHEF’S KITCHEN
- European made oak wood cabinetry with fluted detailing and brushed brass fittings
- Honed marble countertops and backsplashes
- Wolf® appliance suite boasting a 5-burner gas cooktop with brass knobs
- Premium Sub-Zero® refrigerator-freezer, and wine cooler
- Dornbracht® faucets and pot filler
- Large workstation with 44” undermount sink
PRIMARY BATHROOM
- European made custom double vanities
- Marble countertops
- Over-sized 65” soaking tub for deep relaxation
- Full-height glass enclosed luxury shower system including adjustable height hand shower and oversized rainfall showerhead
RESIDENCE FEATURES
- Private and semi-private elevator foyers
- Expansive, open-concept kitchen, dining and living areas perfect for family gatherings or entertaining guests
- Floor-to-ceiling windows, designed to provide abundant natural light
- Deep sunrise and sunset terraces
- Over-sized primary bedrooms with ensuite, spa-inspired private baths and expansive walk-in closet space
- Separate laundry rooms with full size washer and dryer
- Pre-wired for high-speed Wi-Fi
- Smart home system controls for lighting, thermostat, and provisions for window shades
- Bayhouse & Penthouse residences feature private pools, summer kitchens and outdoor lounge areas with firepits