Condo towers and island to be called Privé

On private island, condo development and island to be called Privé

A company founded in 2009 acquiring debt on distressed South Florida projects is planning a luxe residential development on an island in Aventura they purchased and have named Privé, the principals told The Real Deal.

Gary Cohen, whose parents are credited with dredging and filling what is now Aventura, sold the eight-acre private island connected to Williams Island by a bridge over the Intracoastal Waterway to BH3 after shelving plans for a Mediterranean-style single-family home development.

The developers, BH3 principals Daniel Lebensohn, Charlie Phelan and Greg Freedman, have submitted plans for the Miami-based architect Sieger Suarez to build twin glass towers with a raised, glass floor-to-ceiling lobby at 68 feet above sea level to offer 360 views of the waterway and the ocean, according to renderings shared with TRD. Apartments will range in price from $1.7 million to $6 million.

“We believe that South Florida has a very bright future,” Lebensohn told TRD.

The company learned of the island through mutual acquaintances of Cohen after buying the debt on two high-profile properties that stalled during the recession: Trump Hollywood and 1805 Ponce in Coral Gables. BH3 managed to sell out all the units in Trump Hollywood in Hollywood Beach in 18 months, and subsequently bought the distressed debt on 1805 Ponce from Ocean Bank last December.

via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/nFVmKdbROQo/