Rising on the Bay: the 79th Street Causeway/North Bay Village neighborhood is an eclectic mix of private homes, waterfront restaurants and funky stores. It's also the next big thing for mid-rise, affordable condominiums - Neighborhoods

South Florida CEO, April, 2003 by Tina Wingate

For the real-estate savvy, moving into an emerging neighborhood has certain advantages. For one thing, it's decidedly cheaper, with far more of an upside than investments in well-established upscale neighborhoods. And it's more likely--in the beginning, at least--to be less crowded with people intent on jumping on the bandwagon once word gets out.

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In a region that's almost completely built out, these emerging neighborhoods are, by and large, older neighborhoods in the eastern parts of South Florida which are being rediscovered--and refurbished--by developers and residents alike.

Take Miami's 79th Street Causeway/North Bay Village neighborhood, a diamond in the rough which runs west to east from Miami to Miami Beach. On the Miami side, the causeway emerges from a fairly gritty commercial neighborhood, announced on the north side of the first bridge by Mike Gordon's seafood restaurant, a historic cluster of wooden buildings on Biscayne Bay that have been there for more than a half century. On the east side of the causeway sits the decidedly working-class Miami Beach neighborhood of Normandy Isle.

In between is the waterfront world of 79th Street Causeway. Coming from Miami, the Causeway first cuts through Pelican Harbor Park & Marina on North Bay Island. In addition to its marina on the north and open park on the south, the island also house a Pelican sanctuary, where wounded birds are nursed back to health. The causeway then cuts through North Bay Village, a small municipality of 8,700 residents on three islands: Harbor Island, North Bay Island and Treasure Island.

What makes the neighborhood unique are the lovely waters of Biscayne Bay, which appear everywhere. To the north and south are grand vistas of blue, filled with picturesque mangrove-hammock islands and bobbing white sailboats, lending the area a breezy, relaxed atmosphere.

North Bay Village itself is home to an interesting, eclectic assortment of occupants. On the south side of the causeway are the residential enclaves of North Bay and Treasure islands, clusters of single family homes with views toward downtown Miami. On the north side of North Bay Village is Harbor Island, a mix of old-Florida low-rise apartment buildings and the station facilities for Channel 7, its antennas bolted to concrete platforms along the bay. Sprinkled along the causeway itself are restaurants that include a waterfront Benihana and Crabhouse, and the more funky Shucker's bar. On the south side there is the popular Oggi Cafe--along with a Japanese supermarket and a Russian gourmet market.

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Mega-homebuilder Lennar's new condominium division, LDI, has already staked a claim in the area with its 360 condominium, a new development on seven acres of land at the entrance to Harbor Island. LDI, run by Carlos Gonzalez, plans two towers with a total of 414 condominiums. The development signals LDI's confidence in the area's potential, and so far, it seems to be well-placed. Gonzalez says more than 90 reservations have been taken at 360--aptly named for its semi-circular site and half-moon-shaped layout.

"We were looking for what we thought would be the next area for redevelopment," Gonzalez says. "We thought this would follow the likes of Belle Meade and the Biscayne Corridor. It's a great place to invest your money." With units starting in the $200,000s--and peaking in the $500,000s--LDI is offering a new product for affordable prices. "The finishes are no different from the high-end condos you see everywhere else," Gonzalez says, adding that LDI hopes to start construction on the first 279-unit tower by summertime.

Just to the northwest of 360 is Blue Bay Tower, another development helping change the face of the area. An intimate 35-unit residence by famed Argentine developers/architects Berardo Dujovne and Silvia Hirsch, Blue Bay will have only three units per floor. Pre-construction prices for two and three bedroom units start at $320,000--with two penthouses topping $735,000.

"With buyers' cost-consciousness in mind, we have managed to make this oasis work in its entirety by blending the finest finishes, unique architecture and engineering," says Hirsch.

On the flip side, Grec Conversions is turning the 123-unit Prado Bay rental apartment building into Island Place at North Bay Village. The Miami-based company is managing the condo conversion process, which includes revamping all of the common areas of the waterfront building, originally constructed in 1970. Here, too, low price is key for buyers. Grec's Miguel Poyastero says the most expensive two-bedroom unit will be $249,000.

"As far as how we compare to new construction, we're $100,000 less per unit," Poyastero says. "Some developers are selling at $280 a square foot and we're selling for $170." He says the building, on North Treasure Drive, should be completely renovated by the fall. Buyers can purchase units that have been completely renovated or, for those who wish to customize their own unit, can take them in "as is" condition.