A new luxury condominium is coming to Surfside, an oceanfront community between Bal Harbour and Miami Beach.
The project’s developer, JMH Development, is buying the existing Surf House Condominiums at 8995 Collins Avenue for $55 million, with plans to build the new residences in its place.
So far, the developer has closed on 31 units for $46 million. The price for all 36 units will be $55 million. A timeline for the sale of the remaining apartments has not been confirmed, according to a spokeswoman for the developer.
The sale is another example of how a shortage of oceanfront lots in Miami Beach is sending luxury developers further north.
“We have seen a void in smaller, truly high-end buildings in this market, and we are focused on developing more projects of this nature throughout Miami Beach,” said Jason Halpern, founder and managing partner of JMH Development, in a press release.
The firm hasn’t specified whether the condominium will be new construction or a top-to-bottom renovation of the existing building.
The new project will be similar to JMH’s Three Hundred Collins, a luxury condominium in South Beach that is expected to break ground this year. Prices for available units range from $1.7 million to more than $9 million at Three Hundred Collins. JMH is also developing Arbor Miami Beach, a 14-unit condominium that is launching sales this winter.
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