Press

South Florida Business Journal – November 7, 2023

PPG Development, led by Ari Pearl, and L3C Capital Partners, led by Jonathan Leifer, launched sales of
the Bay Harbor Towers condo on Bay Harbor Islands.

Located on the 1.03-acre site along Biscayne Bay at 10143 East Bay Harbor Drive, the condo would have
44 units in eight stories. They would range from 1,870 square feet with two bedrooms to 3,393 square
feet with four bedrooms and a den. There would also be bayhouse and penthouse units ranging from
3,327 to 4,912 square feet.

Prices start at $1.9 million.

In 2022, the developer paid $32 million to buy out an older condo there – also called Bay Harbor Towers.
It secured a $70 million loan from New York-based MSD Partners at the time and that loan remains in
place now.

The older condo has since been demolished.

Pearl said he put a big emphasis on the condo’s health club, with many areas for fitness and multiple
pools. It would have one of the few dedicated indoor lap pools in a Miami area condo, he said. In
addition, four of the penthouses and two of the ground-floor units would have private pools, he said.
“At our price point the buyers, even if they are coming only for a weekend or a few months a year, want
units sized for living,” Pearl said.

Amenities in Bay Harbor Towers would include indoor and outdoor saltwater lap pools, a rooftop pool,
hot and cold plunge pools, a summer kitchen, an outdoor lounge, a spa with a sauna, steam room and
massage treatment rooms, and a fitness center. It would also have a dock.

Miami-based Kobi Karp designed the building and Steven G crafted the interior design.
PPG and L3C plan to break ground on Bay Harbor Towers in spring 2024.

Fortune Development Sales is the lead broker.

“Bay Harbor Islands is special because of its walkability,” Pearl said. “You’re not living amongst the traffic
and the high-rise buildings. It’s building of mostly six and eight stories, so you don’t feel like you’re living
in a concrete jungle.”

There’s been a condo development boom on Bay Harbor Islands as more wealthy people move to
Miami-Dade County seeking luxury condos on the water. PPG has been among the most active
developers in the coastal area, with projects such as Shell Bay Club and Residences, Slate Hallandale
Beach and the Altair Hotel.