85% of Treasures On the Bay Condos Sell in a Weekend

NORTH BAY VILLAGE, FL-Condos in Treasures on the Bay, a complex of three 10-story buildings aggregating 498 former rental units, were 85% sold over a single weekend at prices ranging between the mid-$100,000s and almost $600,000. The complex was built between 1962 and 1966 and acquired by Chicago-based Comprehensive Management Services for $50 million in late 2004.

Since then, CMS invested more than $21 million in interior and exterior upgrades, according to Edward Carlson, CEO. They included renovation of common areas, elevators and hallways, plus new cabinets and tile in kitchens and baths and landscaping, all of which will be completed this summer. “By converting existing buildings, we are able to deliver attractively priced units, and we can do it to meet demand,” Carlson says. “Our goal is to create new opportunities in residential accommodations in prime areas.”

CMS previously converted 401 Blu, a multifamily complex in North Beach, to condos. Success there, Carlson says, “another area in the midst of rebirth, is indicative of the kind of buyer reaction we experienced here.” Treasures’ units contain studio, one-, two- and three-bedroom layouts ranging from about 450 sf to 1,305 sf. Hollywood-based Kirschner Realty International is handling the marketing.

The buildings are located at 7501 E., 7525 E. and 1900 S. Treasures Dr. on Treasure Island, one of three islands that make up North Bay Village. Construction of a fourth condo building and parking garage on the site is under consideration, according to Carlson, who declined to provide GlobeSt.com with a projected development date.