Video produced by TRD video reporter Alistair Gardiner
Construction is well underway for the contentious Privé at Island Estates condo project in Aventura, despite a continued legal battle with nearby homeowners.
The Real Deal took a helicopter tour of the project’s exclusive island overlooking Sunny Isles Beach. Check out a video update of Prive above.
The 160-unit, 16-story project will top off in June and be delivered a year later, developer Michael Neumann of BH3 told The Real Deal. Out of the 90 units that have sold, more than half are domestic buyers, he said. A quarter of all sales are from South Florida buyers. “Miami people for the most part don’t buy preconstruction,” Neumann told TRD.
BH3 is developing Privé along with Gary Cohen.
Residences range in price from $2.1 million to $11.4 million, with the majority in the $2.5 million to $3.5 million range. The largest is a 10,000-square-foot penthouse with a roughly 7,000-square-foot deck, a rooftop swimming pool, private garage and 15-foot ceilings.
When completed, Privé will feature a 10,000-square-foot gym and spa in each tower, private dining, a poolside cafe, wine and cigar rooms, tennis courts, swimming pools, a marina and private pier, a nature trail, beach and jogging path.
Opposing residents have claimed the developer has the right to build only single-family homes on the island, and stalled construction from starting last year with litigation involving sidewalks, building permits and development rights. More recently, the developers in January moved forward in seeking damages from nearby homeowners via a class action lawsuit that targets all 2,000 residents of Williams Island, plus the island’s property owner’s association.
Miami-Dade County Judge Jerald Bagley has since denied the homeowners’ motion to dismiss the developer’s suit for damages. In December, Judge Bagley also dismissed a $225 million lawsuit filed by the developers seeking damages from specific neighboring property owners in and near Williams Island for “interfering with their undisputed rights to build and for trying to prevent the project from coming out of the ground.”
Source: The Real Deal