MIAMI-Related Group of Florida has unveiled plans for Oasis on the Bay, a two-building, 475-unit condominium complex at 7951 NE Bayshore Ct. here. The base land price was $12.5 million, Eric Fordin, project manager for the locally based developer, tells GlobeSt.com, and hard construction costs are estimated at $215 per sf, taking it to $90 million, he says.
Although approvals are not complete, Fordin expects to break ground this June for completion within 20 to 22 months. Both buildings will be 20 stories, but "not exactly twins," he says. "The building facing the bay will contain 14 units per floor, while the other will have 12."
Residential units range from 686 sf to 1,900 sf, "and our goal is to offer affordable housing for young professionals that can't afford South Beach or Brickell Avenue and people who want to downsize their homes and be on the beach," Fordin says. Starting prices will begin in the range of $250,000 to $260,000. The penthouses are priced at about $1.1 million or $1.2 million.
Related is also building a 4,200-sf restaurant on the land to replace the landmark Mike Gordon's seafood eatery, long located at this address, "at the request of the neighborhood," Fordin says. The original restaurant has been demolished along with an adjacent multifamily rental building. On completion, Related will sell the restaurant. The developer also plans a 20-slip marina, "pending approval by the state," a mini-market, theater and health club.
In a statement, Oscar Rodriguez, VP of development, calls this project "a catalyst for the revitalization of the area, one that will encourage the city to continue its development of the 79th Street causeway."
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