Iris on the Bay
Miami Beach, FL
The Spear Group and a strategic partner acquired a 43-unit infill, waterfront townhouse development site situated on a 2-acre site in Normandy Isle, a desirable residential area of Miami Beach. The property was acquired from a bank’s REO group at a significant price discount. The Spear Group obtained entitlement approval and began construction of the for-sale townhome project.
The property includes striking modern architecture, lush landscaping, and a community noted for spacious layouts and stunning golf-course and water views. The 4-story, fee-simple townhomes with 3- and 4-bedroom configurations range from 2,152 to 2,513 SF, and starting in the $800,000s. The townhomes feature generous balconies and rooftop terraces, private elevators in every residence, and a 2-car garage with optional lift for an additional car. The community features a bayfront swimming pool and promenade, contemporary neighborhood streetscape, 12 boat slips up to 47 feet, and lush, tropical landscaping.