The Eichner family’s Continuum Company secured $350 million in financing for their mixed-use district planned in North Bay Village.
The debt, which includes $261 million in construction financing for the first phase and $38 million in predevelopment financing for the second phase, marks the largest financing package in North Bay Village, according to a news release. New York-based S3 Capital is the lender.
Continuum is partnering with Erdal Aksoy’s Aksoy Holding, a Turkish conglomerate with holdings in oil, gas, hospitality and real estate, on the project.
Continuum secured approval last summer from the North Bay Village Commission for a special area plan, site plan and development agreement tied to the 2 million-plus-square-foot complex at 1755 79th Street Causeway and 1819/1855 79th Street Causeway. The North Bay Village development will replace the former Shuckers Waterfront Bar & Grill, now the Palm Tree Club.
The first phase of the 3.6-acre Continuum Waterfront District will be the Continuum Club & Residences West, a 36-story, 236-unit condo building with a waterfront restaurant and marina access. The building, which now has more units than originally planned, is 50 percent presold and expected to be completed in July 2028, according to the release. It’s on the western portion of the site.
The second phase calls for about 300 luxury condo units, a Continuum hotel, a 20-slip marina, office space, restaurants, and a green space and bayfront promenade the developer is calling “Island Walk.” Phase two is expected to be completed in 2030.
A number of new luxury developments are planned in the three-island town, which is between Miami and Miami Beach, after North Bay Village overhauled its zoning code five years ago.
The billionaire Ansin family, which owns Sunbeam Television, plans a mixed-use project across several properties north and south of the 79th Street Causeway, which bisects the village.
The Pérez family’s Related Group and New York developer Harry Macklowe also plan a luxury condo development on a waterfront assemblage that includes the former Biscayne Sea Club waterfront co-op. The planned twin 43-story towers will include 364 luxury condos and bear the Ritz-Carlton brand.
Masoud and Stephanie Shojaee’s Shoma Group is developing Shoma Bay, a 24-story, 333-unit luxury condo building with a 36,100-square-foot Publix Supermarket on the ground floor, at 1872 79th Street Causeway. In August, the firm secured nearly $30 million in financing for the project.
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