Three-Tower Development Site Trades for $13M

A significant real estate transaction has occurred in North Miami Beach involving a proposed multi-tower development project. Biscayne Cove LLC, under the management of Enrique R. Puig, has sold property to Biscayne Park Development for $13 million.

The transaction includes an 8,569-square-foot restaurant located at 16375 Biscayne Blvd. and approximately 4.15 acres of surrounding land. The buyer is managed by Albert Benalloun and Hernan Gleizer, principals of Transamerican Development Corp. based in Miami Beach.

The development, branded as "Preserve on the Bay," encompasses three residential towers totaling approximately 1.5 million square feet, designed to include a pedestrian walkway along the adjacent canal.

The residential components consist of 730 units distributed across towers of 32 and 30 stories respectively. A third, 18-story tower will house 177 hotel rooms and 9,178 square feet of commercial space. The architectural design was created by Kobi Karp Architecture.