Blanca CRE, MSP Group Announce Bulk Sale Listing Of Harbor Condominium In North Bay Village
Blanca Commercial Real Estate announced the exclusive bulk sale listing of Harbor Condominium, a prime bayfront property in North Bay Village.
This offering presents developers with a rare opportunity to reimagine one of Miami’s most sought-after waterfront sites at the heart of the city’s ongoing luxury real estate expansion.
Located at 7909–7911 East Drive, the site spans 23,707 square feet and is currently occupied by two older residential buildings totaling 29 units. Zoned RM-70, the property allows for redevelopment of up to 38 units with a maximum height of 150 feet, or up to 50 units and 195 feet with transferable development rights (TDR). Its elevated positioning delivers sweeping, unobstructed bay views from Downtown Miami to Sunny Isles, surrounded by more than $2 billion in new development activity transforming North Bay Village.
“This sale is a clear indication of a significant and growing trend in Miami’s real estate landscape. Forward-thinking owners are increasingly recognizing the immense value of their land, especially in a market with limited waterfront supply,” said Cary Cohen, Executive Vice President at Blanca Commercial Real Estate. “Rather than maintaining aging structures that require substantial capital investment, they are making the strategic decision to capitalize on the soaring value of their location. This sale is a testament to their vision, and a blueprint for other associations seeking to maximize the value of their collective asset.”
A three-island community between Miami and Miami Beach, North Bay Village is undergoing a development renaissance following the adoption of a progressive 2020 zoning code that allows greater density and height. The neighborhood has attracted marquee projects such as Shoma Bay, a mixed-use tower by Shoma Group, Continuum Club & Residences, a luxury waterfront condominium developed by Continuum Company, and the world’s first-ever Pagani-branded residential tower. Upcoming public initiatives, including the Island Walk promenade, will further enhance walkability, connectivity, and quality of life.
“The opportunity here is not just about a building; it’s about a once-in-a-generation waterfront site. The supply of waterfront development opportunities in Miami is limited and diminishing, making the chance to redevelop a property with such exceptional bay views a truly rare event,” said Deme Mekras, CEO of MSP Group. “This location in North Bay Village is particularly unique, offering the tranquility of an island community while being just minutes from the energy of Miami Beach, Downtown, and Brickell. This sale positions a developer to create a modern, world-class product on a prime piece of land that is, quite simply, irreplaceable.”
“Miami’s emergence as a global destination for capital, business, and lifestyle has driven unprecedented demand for prime real estate. This transaction is a direct result of that trend, and a global audience understands that Miami’s appeal is not a fleeting moment but a fundamental shift,” said Sam Mekras, Senior Investment Associate at MSP Group. “We’re seeing international buyers and developers drawn to the city’s unique combination of economic opportunity, cultural vibrancy, and tax advantages. This sale provides an opportunity to create a new jewel on the Miami skyline; one that will resonate with a sophisticated global clientele actively seeking a piece of what the Magic City has to offer.”
