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AVENTURA, FL-The joint-venture partnership between Chicago-based MCZ Development Corp. and Centrum Properties has acquired the 351-unit east building of the Bay Club, a two-building, one-time rental complex that was completed in 1988. Michael Lerner, president of MCZ, declined to disclose the price the JV paid the seller, a private company, but tells GlobeSt.com, "the total project cost is about $150 million."

The figure includes acquisition and renovation of common areas and residential units in the 20-story tower, which MCZ/Centrum is renaming Parc Central East. The other building in the complex, which is under different ownership, has already been converted to condominiums. The two structures share amenities, including a lobby with controlled access, a business center, fitness center and two pools on a 12-acre site.

Units in Parc Central East include one- and two-bedroom layouts, some with a den, and range from 1,065 sf to 1,302 sf. Prices begin in the mid-$300,000s, and Lerner says reach to "about $500,000." He says sales have just begun and approximately 125 units have been sold. The conversion is expected to reach completion in fall 2006.

The MCZ/Centrum 50/50 JV already has a considerable presence in South Florida. Among its other condo conversions are Regent Park at Young Circle in Hollywood, the Tides and the Wave on Hollywood Beach, Cite in Miami's art district, and Sian, a nine-acre complex that will contain a conversion of the Ambassador Resort into a condo hotel along with new and converted residential condos.

Instant Insights /

For $150M, JV Buys and Converts Bay Club to Condos

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