A waterfront condo development site in Bay Harbor Islands traded for $7.5 million to the contractor’s son’s company, after the seller spent about two years working on the planned project and securing permits.
A company managed by Indeco Capital Group, led by Enrique Feldman and Alexander Feldman, sold the quarter-acre lot at 9700 West Bay Harbor Drive to ABH Developer Group, led by CEO Alexis Bogomolni. ABH financed the deal with a $6.5 million mortgage from the seller, records show.
“We were frankly looking to break ground, but as we were getting closer we realized we [could] monetize on the value we had created to date,” Alexander Feldman told The Real Deal. “When we mentioned it to the [general contractor], they mentioned they may have interest, and conversations continued.”
Bogomolni said he had been working with the seller and secured commitments from buyers for seven of the eight units in the planned project.
The buyer’s father, Gustavo Bogomolni, is a managing partner at MG3 Group, the general contractor for the Bay Harbor Islands project. ABH ended up buying the site and MG3 will build the building. Feldman said he will stay on as an adviser.
Because Bogomolni’s father was already involved, “we had the costs figured out,” his son said. “We were able to understand the project very quickly.”
The Indeco affiliate planned a seven-story building with eight units totaling 24,000 square feet, called Aire Residences.
“We really liked that [ABH] is going to be building the plan exactly how we designed and approved it,” Feldman said. “We put a lot of time and effort into creating a jewel of a project.”
He declined to say how much the company spent in the planning process. Property records show the Indeco affiliate paid $3.7 million for the site in 2021.
ABH plans to convert the existing commitments into contracts. Units started at $3 million, Alexis Bogomolni said. Buyers hail from Canada, New York, Argentina, Uruguay and Miami. ABH tapped Arno De Vos to sell the final unit, a five-bedroom, four-and-a-half-bathroom penthouse asking about $7.4 million. The 3,500-square-foot unit is planned to include a 3,000-square-foot terrace.
Bogomolni said the condo development marks the firm’s first luxury project. ABH has 13 projects, ranging from 24 units to 150 units, in the Wynwood Norte district in Miami. It’s also developing two dozen townhouses in Hollywood.
Bartroli Architecture and Design Philosophy designed the Bay Harbor Islands building. The project is expected to include a marina that will fit boats of up to 50 feet and smaller vessels like jet skis, according to a release.
Construction is expected to begin this month and be completed in two years.
The project is across the street from The Well, a planned wellness-oriented mixed-use development at 1177 Kane Concourse. Terra, led by David Martin, is developing the project and secured a $141 million construction loan for it about two years ago.
Other projects in the pipeline in Bay Harbor Islands include Ian Bruce Eichner’s La Baia, a two-tower luxury condo development under construction at 9201 East Bay Harbor Drive and 9481 East Bay Harbor Drive. Eichner’s Continuum Company closed on a $90 million construction loan for the south tower at La Baia this week.