1080 Bay Harbor

About 1080 Bay Harbor

1080 93rd Street is a ±22,366 square foot corner site at 93rd Street and Bay Harbor Terrace on the East Island of Bay Harbor Islands, the small, independent, two-island town between Bal Harbour and the mainland. The site is offered as a development opportunity for a new boutique residential building.

The zoning is RM-2, the Town’s Multiple Family district for non-waterfront lots. RM-2 permits 65 feet of height measured from the required flood elevation, which supports six residential floors over ground-level parking, and a base density of 34 units per acre. Through the Town’s established transfer of development units program, the same district allows density of up to 60 units per acre, which on this site supports up to 31 residences. That program has been used on the recent generation of Bay Harbor Islands condominiums, and the Town Council has approved transfers on recent projects.

The market for that product is proven. Bay Harbor Islands has become one of South Florida’s most active boutique condominium submarkets, with twelve new projects of 8 to 66 residences reporting average pricing of $1,000 to $1,800 per square foot and most of them 77% to 95% sold. Solina Bay Harbor, a nine-residence building directly across 93rd Street, and Casa Verde, a 43-unit project two blocks east on the same street, confirm that the Town is delivering new residential product on this exact corridor.

What the market cannot deliver is more corners like this one. Bay Harbor Islands is 0.40 square miles and fully built out. New product here is created only by replacing older buildings, and contiguous, single-owner sites of half an acre with two street frontages are among the scarcest land in the Town.