The individual owners of the 24-unit Treasure Island Cove Condominium at 1639 N. Treasure Drive in North Bay Village sold to Sunbeam Properties for a combined $8 million.

The S. Florida Business Journal reports The Treasure Island Cove Condominium is situated on a landlocked site of about three-quarters of an acre. It was built in 1952, and many of the units were assessed by the Miami-Dade County Property Appraiser in the mid-$100,000s. Sunbeam bought them for $333,333 each.

Sunbeam plans to tear down the condo and add this to its major development site in North Bay Village, which now totals 14 acres.

North Bay Village approved Sunbeam for about 7.1 million square feet of development in 2022, including over 1,900 residential units, office, retail and a hotel.

The first phase of its North Bay Village project will be a 250-unit condo tower on the site of what’s currently an office building.

The post Sunbeam Buys Out North Bay Village Condo Owners appeared first on Connect CRE.