North Miami’s coveted waterfront just secured its newest luxury high rise following the news of S3 Capital’s recent origination of a $67 million construction loan for the development of Bayshore Grove Capital’s Tula Residences.
Located at 7918 West Drive, North Bay Village, the project is being led by renowned South Florida real estate developer and CEO of Bayshore Grove, Vivian Diamond, with all sales exclusively handled by Brown Harris Stevens Miami. The luxury condominium tower is set to include 54 units in total with panoramic views of the Biscayne Bay and Downtown Miami skylines, along with a plethora of high-end amenities onsite.
A new era for North Bay Village
The project marks a historic shift for North Bay Village’s Harbor Island as the emerging neighborhood’s first new development, ushering in a new era of luxury real estate for the region.
“I am proud to be part of the luxury redevelopment of Harbor Island in North Bay Village, bringing a bold new vision that will redefine waterfront living,” Diamond said in a statement.
North Village Bay took a major step toward expansion this past June, upon receiving a unanimous approval for the major development firm, Continuum’s, multiphase plan for a waterfront district to span more than three-acres along Biscayne Bay. The neighborhood is also situated only 25 minutes from the famed Bal Harbour and Miami Beach, as well as the Design District, Wynwood and Brickell.
“North Bay Village is a market we know well, and the fundamentals here are strong,” said Steven Jemal, S3’s Managing Director of Origination. “With an experienced local sponsorship group, Tula Residences stands out as a well-positioned development in one of Miami’s most dynamic waterfront neighborhoods.”
Inside the Tula Residences
Along with pristine skyline views, Tula is also set to feature a collection of two- and three-bedroom units, as well as six penthouses, each approximately 4000-5300 square feet. Notably, the penthouses will also feature expansive wrap-around terrace space, 10-foot ceilings, Italian-designed kitchens and private elevator access.
Amenities include a resort-style pool with private cabanas, a state-of-the-art wellness center, a media room, a private dining room, a pet spa and a bayfront lounge. Residents will also enjoy a short commute to North Bay Village’s two-mile waterfront promenade.
S3 Capital’s role and the project’s future
S3 Capital’s loan will provide financial support toward the completion of Tula’s construction, which is currently underway. Although no official timeline of the tower’s finalization has been released, general contractor A&R Development has poured concrete through its 15th floor.
“We continue to focus on well-located, high-quality projects with experienced sponsorship,” said Robert Schwartz, Co-Founder and Managing Principal of the company. “Tula Residences is a strong fit for our portfolio, with local experts leading the way in a dynamic Miami submarket that is seeing significant public and private investment.”
