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

Loft projects, too, are popping up in the area. WSG Development, headed by CEO Eric Sheppard, plans a May groundbreaking for its $23 million Sky Lofts, located on Harbor Island's West Drive. Completion of the 49-unit project is expected in fall 2004.

"We felt we had to create something unique that would attract people to the area," says Sheppard. Indeed, the 17-story double-height building's design is decidedly modern; conceived by architect Chad Oppenheim, it will offer 18-foot ceilings, unobstructed views of Biscayne Bay and a rooftop pool. Units range in size from 1,300 square feet to about 1,700 square feet, with four pent-houses boasting square footage topping 3,100 square feet. More than 30 of the more modestly priced units have been sold to a crop of young professionals, north-easterners and people migrating from South Beach, Sheppard says.

G&D, another development group from Argentina, is building Bayview Lofts on nearby Normandy Isle. Marketed by developer/broker Edgardo Defortuna, the waterfront Bay Drive project faces Treasure Island. With 22 units starting at $250,000 and rising to about $400,000, Defortuna says the market already appears strong. "Of course, it being waterfront makes it an extremely desirable location," he says. "Buyers who jump quickly are going to reap the better benefits. Down the line, you're going to experience an increase in prices."

With the residential real estate market beginning to take off in the area, expect the retail/lifestyle side to catch up. North Bay Village isn't yet the urban oasis that its southern neighbor, South Beach, is. But there are early signs of life as you head west on the causeway, which blends into 79th Street. Majestic Properties CEO Jeff Morr, for one, just finished assembling what he calls a "fashion destination" at 1071 79th St. The collection includes a Julian Chang showroom as well as one by designer Meranda.

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"We created this destination where there used to be just a plumbing store and an empty lot," says Morr, whose brokerage firm has grown to more than 100 associates since its conception in 1995. "Two guys just opened an antiques store on 79th. It's going to turn into a younger, hipper Bal Harbour ... 79th is just one of those cutting edge areas that's prompting people to invest."