Major Step for North Bay Village Luxury Development: Related Group and Macklowe Properties

The Pérez family’s Related Group and Harry Macklowe’s Macklowe Properties have taken a significant leap toward establishing a dual-tower luxury condominium in North Bay Village. Their ambitious plan recently gained initial approval from the North Bay Village commission, marking a key milestone in the project’s journey.

Project Overview

The approved zoning ordinance allows for the construction of two 43-story towers, each reaching 498 feet. Positioned at 8000 East Drive and 7946 East Drive, this development will occupy more than 4.1 acres and aims to redefine waterfront living in the area. Noteworthy features of the project include:

A parking garage with nearly 800 spaces
A 9,000-square-foot public park
A 42-slip private marina

The architectural vision for this expansive development is spearheaded by Arquitectonica, led by renowned architect Bernardo Fort Brescia.

Unanimous Commission Support and Key Discussions

The North Bay Village commission’s vote was unanimous, although Commissioner Andy Daro, a real estate agent with Compass, recused himself from the decision. Following the approval, the commission engaged in discussions regarding the impact of the new marina on local wildlife, particularly manatees. Mayor Rachel Streitfeld requested that developers determine how many existing slips operate in the harbor before the second reading meeting scheduled for September 16. Additionally, Commissioner Doris Acosta expressed concerns about the number of boat slips proposed, emphasizing the need for careful environmental considerations.

"One of the reasons we don’t have a manatee crisis is because it is a pretty easy area for them to come in and out of," Acosta stated. "I don’t think we should have that many slips."
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Land Assembly and Partnerships

The project encompasses critical land acquisitions, including the Biscayne Sea Club co-op and the Majestic Isle condo building. In late 2023, an entity connected to the developers purchased the Biscayne Sea Club for $47.7 million, following a complex sale process.

Additionally, unit owners at the Majestic Isle – a property declared unsafe – have been bought out, and the condo association was legally terminated to pave the way for redevelopment.

Macklowe’s Ventures in South Florida

This North Bay Village project represents Macklowe’s first foray into the South Florida market, coinciding with other significant developments. Recently, Macklowe sold a development site near Dadeland Mall, initially intended for a 770-unit complex, to Related Group at a $20 million loss.

Related Group’s Ongoing Developments

The Related Group has numerous condo projects in the works. Recently, it expanded its portfolio by acquiring 100 units at the Miami Beach Club—a purchase that has been in negotiation for over a decade. This acquisition will allow for the development of a luxury condominium on the oceanfront property.

Conclusion

The approval of the two-tower luxury condominium in North Bay Village signifies an exciting transformation for the waterfront landscape. As stakeholders prepare for upcoming meetings, the project promises to elevate living standards and amenities in the area while addressing local environmental concerns.

For more information on this luxury development and others in South Florida, visit The Real Deal.

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North Bay Village Condo Vision by Related Group and Macklowe