June 26, 2024
Eichner’s Continuum Pays $75M for Shuckers Site in North Bay Village
Ian Bruce Eichner’s Continuum Company has expanded its footprint in North Bay Village by acquiring the Shuckers Waterfront Bar & Grill property and the adjacent Best Western hotel. This acquisition signifies a major development phase for the company in the area.
Summary of Key Points:
- Acquisition Details: Continuum Company purchased the Shuckers property and the adjacent Best Western hotel for $75 million. The deal was financed with a $67.5 million loan from Longline Financial.
- Seller and Previous Plans: The seller, Montreal-based Jesta Group, had planned to redevelop the site into a mixed-use hotel and apartment project, securing approval for these plans in 2023. Jesta Group also owns properties in South Beach, including the Clevelander and Essex hotels.
- Expansion of Continuum’s Portfolio: This acquisition brings Continuum’s portfolio in North Bay Village to 4.5 acres. The Shuckers restaurant and the hotel, now renamed North Bay Inn Miami, will remain operational until the developer finalizes the next phase of the project.
- Future Development Plans: Continuum Company envisions the site potentially becoming a hotel and Continuum-branded condo, featuring a private club, gym, restaurants, and marina. Construction could begin in 2025.
- Previous and Ongoing Projects: In December, Continuum and Aksoy Holding launched sales for the Continuum Club & Residences, a 32-story, 198-unit building on the north side of North Bay Village. Last year, Continuum paid $35 million for an additional 1.4-acre site in North Bay Village.
- Other Developments in North Bay Village: Several developers are pursuing significant projects in the area, facilitated by a 2020 zoning code overhaul. Projects include Shoma Group’s 21-story condominium tower, the Ansin family’s mixed-use development, and Related Group and Harry Macklowe’s luxury residential development at Majestic Isle.
- Stalled Project: One notable project in the area, Pacific & Orient Properties’ planned 21-story, 54-unit building, has stalled, with construction currently on hold.
The acquisition of the Shuckers site by Continuum Company highlights the ongoing development surge in North Bay Village. With multiple high-profile projects in the pipeline, the area is poised for significant growth and transformation.
Source: Katherine Kallergis, The Real Deal.
