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MIAMI-Ilona Bay, a planned loft condo project, has received a zoning permit and approval from the city of Miami Beach to proceed with design.

The $2.4 million, privately funded project is scheduled to break ground in February. It joins a host of other loft condo projects being built or planned in South Florida.

To be located on a 12,000-sf construction pad at 1577 Bay Road, Ilona Bay either will be a nine-unit loft condo project or a single-family residence penthouse with eight suites, according to the company’s prepared statement.

Project architect Chad Oppenheim of Oppenheim Architecture + Design has dual sets of plans for Ilona Bay, one multifamily, one single-family. Slight plan modifications will allow for an easy conversion from one to the other, a spokesman says.

Broker and developer consultant Jeff Morr of Majestic Properties is targeting the growing number of celebrities shopping for a home in the area. But if a buyer buys the penthouse alone, for example, Ilona Bay will be built using the multifamily floorplan.

As a loft condo, units will range from 1,300 sf to 1,535 sf, with the penthouse nearly 8,000 sf. Unit prices will range from the high $300s to the low $500s. The penthouse, with five bedrooms and seven baths, is priced at $2.5 million.

The property will feature 20,000 sf of courtyards, terraces, pools and rooftop gardens, along with an 18-car garage.

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