Continuum Co. Grows North Bay Village Holdings With $75M Acquisition
Ian Bruce Eichner's Continuum Co. has added to its property holdings in Miami’s North Bay Village with the purchase of the 2.3-acre site of Shuckers Waterfront Bar & Grille and a Best Western hotel.
Continuum paid $75M for the site, Eichner told Bisnow, acquiring it from Canadian investment firm Jesta Group. Continuum landed a $67.5M acquisition and pre-construction loan from Longline Financial for the purchase, which sits on the three-island village wedged between Miami Beach and the mainland.
Continuum plans to continue operating the popular waterfront restaurant and adjacent Best Western On The Bay Inn & Marina. It ultimately plans to redevelop the site with a hotel, condos and multiple restaurants.
The restaurant and hotel are expected to remain in operation for the next 18 to 24 months, but Continuum has already begun rebranding the Best Western and has plans for superficial renovations at the property before its eventual demolition, Eichner said in an interview Thursday.
The property, located at 1819 79th Street Causeway, is next to a parking lot where Continuum is planning its 198-condo Continuum Club & Residences. Sales for the 32-story tower launched in December and the project is scheduled to break ground this winter.
Condos at that luxury project run from one to four bedrooms spanning up to 4K SF and starting at just under $1M. Eichner declined to say how many of the project’s units had sold but declared that the firm was “very happy” with the results.
The announcement that Continuum had bought the adjacent site probably increased unit values by 10%, Eichner said, and he’s reevaluating pricing for the remaining units.
"Securing Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina demonstrates Continuum's confidence in the promising future of North Bay Village,” Alexandra Eichner, president of Continuum Florida, said in a statement.
Continuum’s assemblage spans more than 4 acres. The two properties will be developed separately but be combined to create a master project, Ian Bruce Eichner said. The Residences are a joint venture with Turkish firm Aksoy Holdings, while Continuum is the sole owner of the recently purchased property.
Continuum’s plans for a mixed-use tower echo a proposal from Jesta that was approved by the village commission at a January 2023 meeting.
The Montreal-based investment and development firm proposed a 30-story, 884K SF tower designed by Kobi Karp with 345 residences, a 273-key hotel, 20K SF of restaurant space, 2,600 SF of retail and a 7,500 SF meeting space.
Continuum plans to pursue a programmatically similar development at the property but will draw up new designs that fit its brand, Eichner said.
“This is a unique development opportunity with three things that the Continuum [Club & Residences] didn’t really have,” Eichner said. “One, a hotel; two, a marina; three, a significant number of restaurants on the water that are both available to the residents and open to the public.”
Restaurants accessible by boat and a marina would be part of the plan, Eichner said, adding that the Best Western site is the only property on North Bay Village to have a license to operate a commercial marina, which would allow it to run ferries to the island.
Continuum’s projects are just two of nearly a dozen developments planned or underway at North Bay Village. Harry Macklowe, another New York-based developer, has been working with Related Group to assemble a development site on the island.
In March, a Pagani-branded condo tower was announced, and the Argentina national soccer team has plans for a U.S. training facility on the islands.
In addition to its two development sites on the island, Continuum broke ground on La Baia, Bay Harbour Islands in April 2022, with all of its 68 luxury condos already under contract. The success of that project led Continuum to launch a sister project called La Baia North, which Eichner said is more than 60% sold.
Continuum has also bought out the aging Mariners Bay condos in North Miami and is planning to replace it with a new 267-unit condo tower.
Eichner expects more South Florida developments to follow for Continuum.
“There are several projects that I'm chatting with people about that involve residential, hotel, retail and office,” he said. “The fortunate and unfortunate consequence of having a demonstrable track record and a brand is that people call you.”
