BH3, Gary Cohen Team Up on Upscale South Florida Island M-F Project
- Aug 15, 2013
There are only so many private islands in South Florida and the last one with development potential, the former North Island at Island Estates in Aventura, Fla., has just been designated for a luxury multi-family project by Privé Development L.L.C., a newly formed joint venture between BH3 Management L.L.C. and developer Gary Cohen. Together, the partners will transform the island, renamed Privé, into the home of the 160-unit Privé residential condominium destination.
“The island is every developer’s dream development site,” Privé Developers told Commercial Property Executive. The eight-acre piece of paradise was purchased from a related entity of the Cohen Family, and the plan is to develop it “to what the joint venture believes is the most optimal design use and integrity of the island.”
That optimal design use is Privé, which will take the form of two 16-story towers. The condo community, designed by Sieger Suarez Architectural Partnership, will not be just upscale; it will be each-residence-has-its-own-elevator upscale. And the five-star amenities will be reflected in the purchase price of the units, which will range from $1.7 million to $6 million.
The condo market has hardly returned to the glory days preceding the housing collapse, but the cry for such accommodations is loud in some places, and a sun-drenched island is one of them.
“There are a myriad of factors that dictate the demand for the Privé product and other ultra-luxury condominium residences,” the developers said. “First, the privacy and exclusivity of a private island is something that is craved by upscale clientele that can’t be offered by any other product in the market. Second, both the affluent South American buyers and the domestic baby-boomer generation are seeking house-sized condominiums that can accommodate their families and guests without the hassle or upkeep of a house.”
And there’s more behind the call for premier for-sale multi-family homes in the area, and from the 5,600-square-foot penthouse units to the wine and cigar rooms, Privé is designed to capitalize on it all. “A core driver of demand is the [residents’] ability to have resort-style amenities and service levels at their disposal, but at a shared cost. These sources of demand continue to show strong signs of stability and growth and the trend in the oceanfront and waterfront condominium market in South Florida over the past few years has only continued to shift to larger unit sizes.”