SUNPOST MIAMI JAN. 6, 2005
By Helen Hill
The recent sale of Harbour House South at 10275 Collins Avenue means that the oldest, and last remaining luxury oceanfront rental building in Bal Harbour is destined for conversion to condominiums. The Related Group of Florida paid $125 million for the landmark 465-unit apartment building on 5.46 beachfront acres; probably one of the best oceanfront sites in South Florida, with the added allure of a tony Bal Harbour location.
For sellers, Smith Property Holdings Harbour House LLC (associated with REIT Archstone-Smith), it was a satisfactory conclusion to ownership of a property bought in 1993 for $53 million.
The Related Group plans to convert 452 units on 14 living levels with upgrades such as new flooring and kitchens with Italian cabinetry. Architect Sieger Suarez is working on the project design and The Interiors Group is re-designing the public spaces including the lobby, spa and meeting room. Sales are set to being approximately in February.
For the village of Bal Harbour, (population 3,312), the Harbour House conversion will add more units to the million-dollar condos currently under construction nearby 81 residences at Bellini and 185 Tower Estates in WCIs 26-story One Bal Harbour, which will also feature a Regent Bal Harbour in an intersecting 17-story, hotel/condominium tower. Further south on Collins Avenue, Starwood is considering redeveloping one of the Sheraton Bal Harbours towers into a St. Regis hotel and condominium complex. More news on the project is expected in the next couple of months.
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