Related Group and Two Roads Development are now close to completing a bulk purchase of units at the Carlton Terrace condominium in Bal Harbour. The developers’ joint venture is spending roughly $130 million for all 88 units at the oceanfront building.
Zoning for the nearly 3-acre Bal Harbour property would allow for a new residential building 275 feet tall or about 28 stories. Related and 50/50 partner, Two Roads are expected to tear down Carlton Terrace and replace it with a luxury condo tower.
Built in 1956, the 15-story Carlton Terrace is in need of repairs.
Eight closings at Carlton Terrace have been recorded so far that are dated as early as July. A majority are expected to close later this week.
Those that have been recorded so far include real estate broker and investor Stuart Drossner’s sale of a unit for about $1.5 million. He paid just $407,000 for the condo last year. Drossner said “the number was right,” and that he convinced a number of unit owners to sell.
Daniel Benhayoun, an attorney, sold his unit for $2.4 million. He paid $1 million for the condo in early 2020, according to property records.
Last year, Two Roads, Continuum South Beach developer, Bruce Eichner, and One Thousand Museum developer, Louis Birdman were all interested in buying out the unit owners. And prior to that, other developers had tried to do the same, including Vlad Doronin’s OKO Group.