Billionaire Acquires Florida Condo for Demolition and Redevelopment

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Sunbeam Properties, owned by the billionaire Ansin family who controls WSVN Channel 7, has purchased an older condo complex in North Bay Village with plans for demolition. The Treasure Island Cove Condominium, located at 1639 N. Treasure Drive, was sold for a combined total of $8 million by the individual owners of its 24 units, according to Sunbeam Properties CEO Andy Ansin.

Ansin confirmed that the decision to sell was unanimous among the condo owners, a condition he insisted upon before moving forward. "My policy is I’m not buying this condo unless 100% of the owners agree to sell," Ansin stated. "I didn’t want to get into a situation where we had to evict someone."

Details of the Transaction

The deal was facilitated by Beachfront Realty brokers Sam Heskiel and Marilina Apfelbaum, along with attorney Howard Friedberg of Katz Barron. The condominium, built in 1952, occupies a landlocked site of about three-quarters of an acre. According to the Miami-Dade County Property Appraiser, many of the units were previously valued in the mid-$100,000 range, but Sunbeam paid $333,333 per unit.

The condo was nearing its 40-year recertification and required significant repairs, including structural work that would have imposed high costs on the owners. Ansin noted that unit owners would have faced steep assessments and likely would have needed to temporarily vacate during repairs, which helped lead to the decision to sell.

Redevelopment Plans

Sunbeam Properties intends to demolish the condo and incorporate the land into its broader North Bay Villageredevelopment project, which now covers 14 acres. The company already owns the shopping center located across Pirate Alley, adjacent to the condo site.

In 2022, North Bay Village approved a significant redevelopment plan for Sunbeam, allowing up to 7.1 million square feet of development, which includes over 1,900 residential units, along with office, retail space, and a hotel. Ansin indicated that the newly acquired site would likely house elements of the project that do not require proximity to the bay, such as parking facilities. The expansion will also assist in improving Pirates Alley, aligning with the city's vision for the area.

The first phase of Sunbeam’s larger redevelopment in North Bay Village will involve the construction of a 250-unit condo tower, to be built on the site of an existing office building. Ansin expects to unveil drawings of the project within the next nine months.

Future of WSVN Headquarters

As part of the long-term redevelopment plan, Sunbeam will eventually redevelop the WSVN headquarters site in North Bay Village. The TV station has plans to relocate its headquarters to a new studio in Miramar, which will free up the North Bay Village land for further development.