With nearly all of phase one under contract, the unique 43 four-story townhome community Iris on the Bay launches sales of second phase for the two-phased development. The buyers, an assortment of international and domestic, are mainly seeking full-time residence at the private enclave.
The sales team reports a trend of “people living in condos looking to upgrade from a small space in a big building to a big space in a small building,” says Ann Nortmann, Senior Project Director, of the Sandberg Nortmann Group, a Douglas Elliman team.
The “big space” here is an IRIS on the Bay townhome, which ranges from 2,100 to more than 2,500 square-feet. The buyers of the spacious waterfront townhomes are also delighted at the simple fee payment of only $250 per month instead of fluctuating condominium maintenance charges.
A major draw is the active lifestyle offered in the area. Residents can kayak, paddleboard or canoe on local canals connecting to Biscayne Bay or sail out to the ocean from boat slips available behind the homes. Tennis courts, a great public golf course and bike path are all nearby.
Buyers also like the urban, low-key environment of Normandy Isle where buildings are low and congestion absent. “This exciting area has its own energy with amazing ethnic restaurants, local stores, an art cinema and a beautiful beach all within walking distance of Iris on the Bay.” says Jeff Spear, President of The Spear Group. “Downtown Miami, highways and airports are easily accessible,” he adds.
International buyers are coming from Latin America and Europe. Known as Little Buenos Aires, North Beach is brimming with a rich Argentinean diaspora, which is appealing to LatAm buyers. The French are drawn to the European-style architecture and the village’s distinct French connection: Normandy Isle was created in 1925 by a group of investors led by Frenchman Henri Levy: Streets were christened in honor of Gallic regions and towns such as Bordeaux, Notre Dame, and Versailles.
Iris on the Bay townhomes are designed by the award-winning Bellinson Gomez, with interiors by Michael Wolk. The homes, in a gated bayside community on Normandy Isle in North Beach, are offered fully finished with custom furniture packages by TUI Lifestyle, and include features like broad balconies, private elevators and rooftop terraces with space for hot tubs or summer kitchens.
Iris on the Bay is being developed by South Florida-based The Spear Group and Braddock Financial Corporation.
Furnished model units are available. Furniture packages are priced separately. IRIS on the Bay starts at $829,000 or $367/SF. IRIS on the Bay offers access to boat slips. For more information, visit www.irisonthebay.com. The first four (22 units) of the seven buildings are scheduled for completion in the summer of 2015.