Are you looking for an investment property in South Florida? According to a recent article from The Real Deal, a development site on the water in Bay Harbor Islands has just hit the market. The listing includes plans for a boutique luxury residential project with a pricetag of $10.85 million.

The 22,500-square-foot site is located at 9740-9760 W Bay Harbor Drive. Public records show Sina LLC and 9740 W Bay Harbor Drive LLC as the current owners, who are hoping to either sell the site or joint venture with a developer. The property features 150 feet of waterfront, and the plans for the 30-unit, eight-story building that have already been approved by Bay Harbor Islands. The building, called Akua, will also include a pool and several cabanas. The asking price breaks down to $217 per square foot, or roughly $361,800 per approved unit.

The project was designed by Markus Frankel of Frankel Benayoun Architects. The firm is responsible for several other boutique projects in the two-island town. Akua is the 26th project to file for plans with Bay Harbor Islands. Floor plans range from 1,017 square feet for the one-bedroom, two-bathroom unit to 2,047 square feet for the three-bedroom, three-bathroom unit, which also includes a den.

Bay Harbor Islands is located between the communities of Surfside and Bal Harbour on the east, with North Miami to the west. The city has been marketed as a cheaper alternative to the costly oceanfront land in nearby areas. Other nearby developments include:

• Kasa Bay Harbor: seven-stories, nine-units, located at 1125 97th Street
• Bijou Bay Harbor: nine-stories, 41-units, located at 9521 East Bay Harbor Drive
• Sophie Bay Harbor, seven-stories, 26-units, located at 1045 92nd Street

For more information about investment opportunities in, and around, Miami, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.