T
he Ansin family's Sunbeam Properties acquired Treasure Island Cove, a 24-unit condo complex in North Bay Village, for $8 million. The property, built in 1952 on a non-waterfront site, was purchased as part of a bulk deal that equates to about $333,000 per condo. Sunbeam plans a massive mixed-use project with residential, office, and hotel components on land it previously acquired.

    The Treasure Island Cove property could be used for a commercial component, including retail or office space, said Andy Ansin, president and CEO of Sunbeam Properties. With the acquisition, Sunbeam now owns nearly 14 acres north and south of the 79th Street Causeway in North Bay Village.

    Developers are increasingly eyeing condo buyouts due to a lack of undeveloped land and rising costs for maintaining, repairing, and insuring older buildings. The upcoming deadlines for new condo safety laws will likely accelerate this trend. Treasure Island Cove had an upcoming 70-year recertification, which Ansin said was a challenge.

    Sunbeam's holdings in North Bay Village include the Presidente Supermarket-anchored retail center, which it acquired in 2021 for $14 million. The village commission approved height increases in 2022, allowing up to 650 feet on the north side of the causeway and up to 450 feet on the south side.

    The first phase of Sunbeam's project is a 250-unit condominium building with restaurants and retail space, which could begin construction next year. Ansin has also acquired homes nearby in Miami Beach's Normandy Shores, where he plans to redevelop them for executives and owners of companies that relocate or expand their firms to his North Bay Village project.