El-Ad Properties upped the ante on its North Bay Village bet, buying a second development site in the waterfront city for $19 million.
An affiliate of Boca Raton-based El-Ad, led by Isaac Sharon Tshuva and Orly Daniell, acquired an 11,200-square-foot lot at 7922 East Drive and two contiguous lots totalling 22,400 square feet at 7923 and 7925 East Drive, records and real estate database Vizzda show. El-Ad also assumed a $4.5 million mortgage with a 2028 maturity date.
El-Ad paid more than double the sale price from three years ago. The seller, an entity managed by Luis Navas in Fort Lauderdale, paid $7.7 million in 2023, records show. Last year, North Bay Village city officials approved a transfer of development rights from the 7922 East Drive lot to the other two lots. El-Ad has not disclosed plans for the three lots.
In May, El-Ad bought a 1-acre vacant parcel at 7913 West Drive for $20 million from Aventura-based S2 Development. In 2023, North Bay Village approved S2 Development’s plan for Marina View tower, a 22-story tower with 94 residential units as condos or apartments.
El-Ad, a division of New York-based Elad Group, has built 12,222 apartments and condo units in the Southeast, including 4,370 in Florida, according to the firm’s website.
In Davie, El-Ad is planning a $1 billion mixed-use project. The 2.8 million-square-foot District in Davie will entail 1,256 apartments in five towers ranging from 20 stories to 24 stories, as well as 36,000 square feet of retail and restaurants, and 2,650 parking spaces.
North Bay Village is a hotbed for high-rise development.
Alirio Torrealba’s Coral Gables-based MG Developer and Miami-based Prosper Group filed plans last month for a 30-story tower with 147 condo units at 1681 and 1725 North Bay Causeway. The joint venture paid $30.9 million for the 1-acre site last year.
Coconut Grove-based Related Group and New York-based Macklowe Properties are planning a two-tower condo project with 364 units at 8000 East Drive and 7946 East Drive that could be branded as Ritz-Carlton.
