CLIENT NEWS: Mikael Hamaoui Scores Approval for 70-unit North Bay Village Condo Tower
October 3, 2023North Bay Village has another luxury condo project in the works.
The North Bay Village Planning & Zoning Board recently approved Miami-based Riviera Horizons’ proposal for a 26-story, 70-unit condo tower. The approval marks at least the seventh planned condominium underway for the long-overlooked island community.
Riviera founder and CEO Mikael Hamaoui said all the new development will mark a change for North Bay Village, after many years as “a diamond in the rough.”
Hamaoui declined to share pricing for units at the planned tower at 7940 West Drive, saying only it would be “competitive and sensible,” compared to other luxury condo developments elsewhere in Miami-Dade County.
Planning documents for the development show the tower could have as many as 53 three-bedroom units and 17 two-bedroom units. Floor plans will range from two- to four-bedrooms, and between 2,000 square feet and 6,850 square feet, according to a press release. Hamaoui’s Riviera Horizons plans to break ground late next year, the release shows. He declined to comment on the building’s planned amenities.
Records show Hamaoui bought the half-acre waterfront development site for $4.5 million in 2021. Previously, developer Javier Lluch had attempted to build a boutique condominium on the site, but abandoned the project after a five-year legal battle with his development partners, Ernesto Weisson, Roberto Cortes and Fernando Haberer.
Riviera Horizons’ project is targeting families relocating to South Florida, Hamaoui said. The firm is currently finalizing the sales team selection, he added.
“We want a reach that is not just focused on who’s in Miami,” he said, noting he wants a sales team with connections in key regions like the Northeast, California and South America.
Six other developers in North Bay Village have spent more than $143.5 million on land acquisitions, and more than 3,000 condos and apartments are under construction. Among them, Shoma Group is planning Shoma Bay, a 19-story mixed-use development with 327 condos. Prices start in the $400,000 range. The billionaire Ansin family’s Sunshine Properties is also building a 13-acre mixed-use project with more than 2,000 residential units.
Last month, Pacific & Orient Properties tapped Berkshire Hathaway HomeServices EWM Realty to lead sales of its 21-story, 54-unit planned condo building. Units range in price from $2.2 million to $17 million.
