Bay Harbor Islands, Florida, with fewer than 6,000 residents, is often overlooked – but not by Regency Development Group. Since 2020, the company has been developing residential projects in this coastal community, which is close to Surfside, Indian Creek and Bal Harbour. Regency is currently realising four projects on the island, including La Maré Regency with 33 units, La Maré Signature with nine units, and Bay Harbor Villas with 20 units.
Commercial Observer recently spoke with Michael Troyanovsky, Managing Partner and Vice President of the family business, to discuss the success of this submarket. The original conversation was edited for length and clarity.
When asked about the reasons for choosing Bay Harbor Islands, Troyanovsky emphasised that the area was often overlooked during their initial acquisitions, despite its enormous potential. He describes it as an amazing hidden gem, surrounded by beautiful waters and located in a small niche in the heart of Miami. The island is increasingly being discovered.
Since then, Regency Development has become deeply integrated into the island, building strong relationships with the local community and city administrations. This is crucial for securing approvals and for the harmonious integration of the projects into the neighbourhood and its demographics. The company operates a large on-site sales office and plans to maintain a long-term presence.
The target audience for the units is demographically mixed, but many buyers, both local and international, explicitly seek to live in boutique buildings. Troyanovsky has personally met many clients who unanimously expressed a desire for privacy and an exclusive living experience. A portion of the clientele consists of so-called 'empty nesters' whose children have left home. They continue to seek the privacy of a single-family home but find it in smaller, exclusive residential units, such as those offered by Regency Development – for example, in a building with nine or 33 units. Buyers who previously lived in large residential complexes with 150 to 200 units are now also seeking more privacy and life in a smaller community.
The sale prices of units in the developments range from $2 million to $10 million, with an average size of 1,800 to 2,000 square feet. A significant adaptation to market demand was the realisation that buyers increasingly want to combine units to create larger living spaces. Initially, units ranging from 1,500 square feet for two-bedroom flats to 4,500 square feet for four-bedroom flats were planned. For future projects, the possibility of customising and combining units is being considered, as many larger families are moving to Bay Harbor.
The biggest challenge in Bay Harbor Islands is integration into the quiet neighbourhood. Construction projects cause noise and daily disruptions. Therefore, Regency Development places great importance on working with the community and the city to minimise disturbances. Unlike in busier areas like Brickell, where this is less of an issue, the family-friendly character of Bay Harbor requires a patient approach. Working hours, for example, are restricted to 9:30 AM to 4:00 PM, Monday to Friday, unlike other regions of Florida that also permit weekend work. This cooperation ensures that residents are satisfied while projects progress and seamlessly integrate into the community.
