CLIENT NEWS: Regency Development launches sales of Miami Beach townhome project
June 10, 2024Regency Development Group is trying something new in Miami Beach.
The developer, led by Igor Michin, Alex Troyanovsky and his son Michael Troyanovsky, is launching sales of Villa17, a 10-unit townhouse project in Miami Beach, according to a press release. Regency tapped Douglas Elliman’s Darin Tansey to lead sales of the townhomes planned for 1719 Jefferson Avenue, and prices range from $3.5 million to $4.2 million, Michael Troyanovsky confirmed.
Units will range from 2,500 to 3,000 square feet and span four bedrooms, four bathrooms and one half-bathroom, the release shows. Regency is also offering different furniture and design packages for interested buyers, Troyanovsky said.
Troyanovsky expects some of the project’s buyers will be transplants from the Northeast. According to Tansey, Villa17’s target buyer demographic is likely already familiar with Miami Beach, and looking for an active, pedestrian-centric lifestyle. He anticipates they will sell quickly.
“The local crowd, I think, is really going to take to this,” he said. “This product does not exist in Miami Beach.”
Miami Beach has been a hub of development activity in recent years, with a pipeline of predominantly luxury condo projects. A townhouse development marks a deviation from the norm by a group of relative newcomers. A significant advantage to doing townhouse projects is the shorter construction timeline, Michael Troyanovsky said.
“They’re just all so quick,” he said. “We don’t expect anything longer than 14 months from the time we break ground.”
The developers bought the site for Villa17 in November for $4.4 million, records show. They plan to break ground on the townhomes in the fourth quarter of this year and finish construction in late 2025 or early 2026, according to Troyanovsky.
Regency expanded into South Florida from Chicago in 2022, beginning with three luxury condo projects in Bay Harbor Islands. The third nine-unit condo development launched sales in March, with prices ranging from $4 million to $9 million. The developer is also planning a townhouse project in Fort Lauderdale, according to its website.
And according to Troyanovsky, the firm is also looking at sites for future projects across the state, including locations in Boca Raton, Palm Beach and Naples.
