Bal Harbour Oceanfront Land is extremely rare, and this lot is exceptional. A 5.5 Acre site on the world-famous Bal Harbour real estate strip just set a historic listing record for the East Coast with a listing price of $225,000,000.
This premier location will be only 2 parcels down from the Bal Harbour shops. It’s also close to the new St. Regis Residences with a completion date of 2011.
Bal Harbour Oceanfront Land Grab
The beachfront parcel, located at 10201 Collins Avenue, has 400 feet along the Atlantic Ocean (x 600′ Depth). It now houses an oceanfront country club called Bal Harbour Club (how original) from 1976.
Ideally, Thorpe Sotheby’s International Realty handles marketing and sales out of Vero Beach. They’re currently targeting International buyers in the Middle East, Russia, the United Kingdom, and Canada. It is marketed as qualifying for 675,350 square feet of condominium or hotel use with a restaurant and other uses. Also, rezoning adds another 225,000 Square Feet of buildable space.
“We’re looking for someone with a lot of capital looking to get out of paper investments so they can buy a real estate development asset of this kind of value.” – TCPalm.com
I think this oceanfront land parcel’s highest and best use is as a mixed-use, high-end condominium. Suitable for the Bal Harbour lifestyle and positioned to coincide with the Bal Harbour shops. We need to see an oceanfront restaurant with a celebrity name to back it up. A price per square foot to match the condo residences similar to St. Regis Bal Harbour, yet without the hotel aspect. I believe St Regis Bal Harbour Resort will be a great success.
The Bal Harbour Destination
Only so many tourists will utilize Bal Harbour as a vacation destination instead of the desirable South Beach real estate with now an exorbitant amount of hotels. Bal Harbour is missing this key ingredient that may make sense to build after 2011.
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