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.
Courtesy of Continuum Co.
Continuum Co. bought the Shuckers Waterfront Bar & Grille and Best Western hotel in North Bay Village, where it eventually plans to develop a condo tower.
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.
