El-Ad National Properties paid $20 million for a development site in North Bay Village planned for a 22-story residential tower.
Boca Raton-based El-Ad, a division of Elad Group, bought the 1-acre property at 7913 West Drive from Aventura-based S2 Development, according to records and real estate database Vizzda. The buyer borrowed $10 million for the purchase from New York-based Metropolitan Commercial Bank.
In 2023, North Bay Village commissioners approved S2 Development’s plan for the Marina View tower with 94 units, according to village records. Municipal staff’s analysis at the time said S2 didn’t specify whether the project will be apartments or condos. Some of the renderings label it as condos.
Marina View was approved for 60 two-bedroom units and 34 three-bedroom units, filings show.
Led by J. Claudio Stivelman and Marc D. Schmulian, S2 is a real estate development and investment firm that also works on structuring equity investments, according to its website.
It paid $5.5 million for the development site in 2022, records show. The property is on Harbor Island, one of the three islands in North Bay Village that were dredged from the bay in the 1940s.
Last year, S2 paid $36.7 million for the ground lease for the 124-unit Atlantica at Dania Beach apartment complex, with plans to sell the units as condos.
New York-based Elad Group has real estate and hotel investments in the U.S., Canada, Europe and Israel. It’s affiliated with Israeli conglomerate Tshuva Group of Companies, which has investments in real estate, energy and tourism, according to Elad Group’s website. Isaac Tshuva is founder of Elad Group.
As of 2023, El-Ad National planned a massive $1 billion project in Davie with 1,256 apartments in five towers ranging from 20 stories to 24 stories, and 36,000 square feet of retail and restaurants. The site is at 4801-4999 South State Road 7. In Boca Raton, El-Ad is the developer of the three-building Alina condo complex between Southeast Mizner Boulevard and The Boca Raton Golf Club.
North Bay Village has caught developers’ eyes. The billionaire Ansin family’s Sunbeam Properties owns 14 acres in the village. The Ansins, who own WSVN-Channel 7, plan a 7.3 million-square-foot development with roughly 2,000 residential units, 300 hotel keys and commercial space.
This year, developer Vivian Dimond took over a stalled 21-story, 54-unit condo project at 7918 West Drive on Harbor Island, with plans to resume construction. Completion is expected next year, Diamond said.
Mikael Hamaoui’s Riviera Horizons plans the 28-story, 70-unit Pagani-branded condo tower at 7940 West Drive on Harbor Island, marking the first condo development for the Italian hypercar brand.
Last year, Ian Bruce Eichner’s Continuum Company paid $75 million for the Shuckers Waterfront Bar & Grill property and the adjacent Best Western at 1819 79th Street Causeway. At the time, the firm was still evaluating development plans, preliminarily saying it could build a hotel and condo project. The purchase expanded Continuum’s holdings in North Bay Village to 4.5 acres.
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