Treasures on the Bay
Treasures on the Bay
A Multifamily Asset Management Project
Treasures on the Bay is a $120 million dollar renovation project, a luxury condominium conversion. The property is located on the southeastern tip of Treasure Island, in North Bay Village, directly on Biscayne Bay, seven miles northeast of Miami’s Central Business District and a half mile west of South Beach. This waterfront, multi-family community, built from 1962 to 1966, is comprised of 497-units in three high rise towers, situated on 5.41 acres. Amenities include three bay-view pools, bay-side boardwalk, community rooms in each tower, laundry facilities on each floor, 24-hour security and a fitness center. Each unit encompasses a large open floor plan with a private balcony and floor-to-ceiling, hurricane impact, sliding glass door and window systems.
CBC’s original involvement with the project was to perform a Property Condition Assessment. Subsequent construction meeting facilitation took place during bank advances for construction draws during the remodeling and condominium conversion process. After taking back the property from the developer, the funding principals engaged CBC to create a plan for the Treasures on the Bay project to move forward to project completion. During this time, CBC evaluated the challenges and provided the plan that would accomplish this project. The plan included the following:
- Evaluate physical structure, details and systems; identify and prioritize problem areas and solutions
- Determine status of work in place, liens for work and materials, and budget the cost to complete work and close sales
- Develop overall plan for timely development, leaving the functioning community association in place
- Develop property marketing strategy: identify target market, re-brand and re-advertise, as needed
- Maintain presence on site, act as lender’s representative, coordinate multiple banks’ objectives through continued communications
Challenges are one of CBC’s specialties, and like other jobs CBC has undertaken, Treasures on the Bay Condominiums had its fair share of problematic obstacles:
- A lack of developer and construction team leadership
- Poor documentation of permitting processes
- Organic problems with building infrastructure; failure to address building infrastructure prior to cosmetic work, causing repetition of work
- Three mortgage lenders with diverse program intentions
- Delays on unit deliveries undermined marketing efforts
- Existing purchase contracts expired before units were ready
- Local building permit and life safety approval government entities harbored skepticism of project management’s ability to complete proper requirements
- Change in scope of local authorities’ requirements during project transition
- Market sea change during project transition
- Lenders’ objective changes during project transition and completion
- Constant communication requirements during transition and completion to keep project progressing toward completion
- Legal issues during project build out to settle liens, lawsuits, and contract issues
- Construction office accounting set up to create cost history and contract payment records generated
- Coordination of community association membership, dues collection, and amenity delivery to established base of residents
Upon identifying and evaluating the challenges, and developing a plan of action, Commercial Building Consultants remained onsite focusing their efforts on aggressive execution strategies. A part of CBC’s plan of action and execution strategy included the following:
- Set up overarching property control in lieu of developer
- Set up construction office
- Set up marketing office
- Set up security office
- Accommodated condominium associations
- Coordinated code approvals
- Conformed legal work for incomplete declarations
- Reconciled closings
- Negotiated sales of units
- Arranged sales of other assets
- Hired and supervised staff for the execution of all services provided above
A New Boardwalk was added and construction progress was closely monitored.
South Building Fire Pump installation status report delivered.
CBC negotiated sales of condo units.
Bay View from new boardwalk.