A new growth spurt is transforming North Beach into one of Miami's best up-and- coming neighborhoods. Bound between the Atlantic Ocean and Biscayne Bay, and just 10 minutes to South Beach, its location is ideal. Add to that a listing on the National Register of Historic Places, given its 600 MiMo buildings, and unheard of price points for Miami Beach real estate, and a compelling case for developers, investors and buyers emerges.
Established residential development firms like Terra Group, The Peebles Corp, SMG Management and The Spear Group have already staked their claims; each bringing its special brand of style and energy to the area.
This neighborhood-to-watch is also garnering interest from commercial entities, and the City of Miami Beach has developed a committee to focus solely on improving its public spaces and infrastructure. Notable activity includes a sophisticated new Publix grocery store, an artsy cinematheque, a new free public trolley system, new public tennis courts and a bike path extending to South Beach.
The Spear Group, which has developed more than 30 residential communities in its 40-year history, is turning heads with its lofty new townhome community called Iris on the Bay. Already under construction, the waterfront development is located across the Normandy Shores Golf Course in the scenic enclave of Normandy Isles (a village within North Beach). Its modern European design, by famed architecture firm Beilinson Gomez Architects, perfectly compliments the French-inspired neighborhood.
"Our buyers love the location of Iris on the Bay," says developer Jeff Spear of The Spear Group. "They can walk to local stores and restaurants, play golf on the Normandy Shores course or sail out to the ocean from a private dock."
Gabriel Britty, a Miami commercial real estate agent who recently bought an Iris home, tells of his year-long search for a Miami Beach waterfront residence. "I could not find any properties with the same amenities - private elevators, balconies and rooftop terraces with optional summer kitchens, two-car garages and much more, for less than several million dollars," he says. "I see this as a value buy and predict that the prices of Iris townhomes will double by the time the second phase begins."
Starting at $350 a square foot, Iris has the distinction of offering the most competitive pricing for waterfront new construction on Miami Beach.