Blue Road and Ilia Development Group launched sales of The William, a planned 26-story condo project along Northeast 163rd Street in North Miami Beach, The Real Deal has learned.
The 374-unit condo tower will be built on the 1.1-acre property at 2040 Northeast 163rd Street, currently home to a medical office building. Bay Harbor Islands-based Blue Road, led by CEO Jorge Savloff, and Ilia, led by investment banker Germán Osorio, plan to tap into EB-5 investment for the project, adding to a growing pipeline of projects doing the same.
The minimum investment for EB-5 investors is $1.05 million.
The developers tapped Fortune International Real Estate’s development sales arm to lead sales and marketing of the project, according to a press release. Units are priced from $380,000 to more than $1 million. The units will range from 552-square-foot studios to 1,412-square-foot three-bedroom condos, the release states.
Short-term rentals will not be allowed, a spokesperson said.
The 40,000-plus square feet of amenities will include a pool deck, outdoor kitchens and lounge, spa rooms, a co-working space, market and cafe, pickleball court and pet spa.
Construction is expected to begin in mid 2026 and will take about three years to complete, according to the spokesperson.
An affiliate of the developers paid $7.5 million for the property in 2022, records show.
The project is named after the late William Fulford, a U.S. Coast Guard captain dating back more than a century who acquired a 160-acre plot of land that eventually became part of North Miami Beach.
Architect Carlos Ott and Behar Font & Partners are designing the project, with interiors by Urban Robot, according to the release.
The project will mark at the least the second collaboration between Blue Road and Edgardo Defortuna’s Fortune International Group in North Miami Beach. Fortune and Blue Road are building their Nexo Residences, a 16-story, 254-unit short-term rental-friendly condo building at 13899 Biscayne Boulevard. They recently secured a $73.3 million construction loan from Bank Hapoalim for the project, which is backed by EB-5 investors. It’s expected to be completed next year.
One of the largest developments planned in North Miami Beach is Uptown Harbour, which would be built on the 29-acre site currently home to the Intracoastal Mall. Gil Dezer’s Dezer Development is the developer.
Read more
Development
South Florida
South Florida’s condo whisperer
Residential
South Florida
Fortune, Blue Road land $73M construction loan for EB-5-backed North Miami Beach condos
