M
ichael Stern's JDS Development Group is planning a luxury condo project next to Monad Terrace, with an affiliate set to buy out the 238-unit Bay Garden Manor building at 1250 Bay Avenue. The firm has already secured buy-ins from nearly all unit owners and started closing on units, with six sales recorded since June ranging from $215,000 to $310,000 per unit.

    The 15-story Bay Garden Manor was built in 1964 and Stern plans to terminate the condo and build a new project on the bayfront property. He's proposing to rezone the site to allow for over 400 feet of height, up from the current 150 feet, as well as an increase in floor area ratio. Plans filed with the city show a proposed 29-story, 100-unit luxury condo with a 180-seat restaurant.

    JDS is seeking approval for legislative changes to create an overlay district that includes the proposed garage properties in exchange for bonuses in floor area ratio and height. The Miami Beach Planning Board will consider the proposal at its meeting on Tuesday. Kobi Karp Architecture & Interior Design designed plans for the new project.

    The condo buyout process is notoriously challenging, requiring over 95% of unit owners' approval. However, developers have increasingly attempted to purchase older buildings since the Surfside condo collapse. New state laws require buildings near the coast to be recertified and fully fund their reserves. JDS has completed several major projects in Miami Beach and Brickell, including Monad Terrace and Mercedes-Benz Places.