Alma & Mila
Two fully-entitled boutique condominium projects, ready to break ground. A capital partnership designed to remove every bottleneck and deliver inside 24 months.
Why this opportunity, in plain language.
Alma & Mila are two boutique condominium projects on the same block in Bay Harbor Islands. They are designed, entitled, marketed, and ready. The only thing standing between today and groundbreaking is capital sequencing — exactly what this partnership solves.
Your investment immediately retires the existing $5.5M land loan, eliminating future interest carry.
No need to pre-sell units to qualify for a construction loan. Site mobilization begins in week one.
Vertical construction across both buildings in parallel. Closings begin around month 22.
Sales modeled at $1,100/ft. Active comps in Bay Harbor are listing $1,200–$1,600/ft.
Two boutique buildings. One block.
Designed, rendered, and selling.
Architecture by Kobi Karp. Every residence, amenity space and tower elevation is rendered in final form. Pre-sales and broker outreach are already underway.
Bay Harbor Islands.
- Guard-gated island village — about 6,000 residents
- Walking distance to Bal Harbour Shops
- A-rated K–8 Ruth K. Broad Bay Harbor School
- 10 minutes to Miami Beach, 20 minutes to MIA
- Severely supply-constrained — almost no large new construction permitted
Bay Harbor's zoning caps height and density. Every new boutique unit replaces older stock — pricing is structurally protected on the upside.
$1,100/ft is the floor — not the ceiling.
The comparables below are dry-lot, non-waterfront, new-construction projects within Bay Harbor Islands — the same buyer pool we sell into. Our underwriting sits 20–35% below the active market.
Sources: active MLS listings & sponsor websites for The Well, Porto Bay, Solina, and Bay Harbor Villas. Ranges reflect current asking prices on dry-lot, non-waterfront, new-construction inventory.
Capital today removes every bottleneck.
Without this partnership, the projects must wait for pre-sales to qualify for a construction loan — adding 12–18 months and significant carry costs. Your capital eliminates that gate entirely.
Retires the $5.5M land loan immediately. Removes monthly carry and roughly $1M of forecasted interest expense.
No waiting on a construction lender's pre-sale requirement. Break ground on day one.
Targeted delivery in ≤24 months. Less time at risk. Faster return of capital and profit.
Two years to delivery.
From signed JV to first closings.
Capital wired. Land loan retired the same week. Carry stops.
GC contracts executed, permits pulled, site work begins.
Both buildings built in parallel — not sequentially.
Active sales push through to delivery; broker network already engaged.
Closings begin. Capital and profit returned to investor.
Built to underwrite cleanly.
How the major project risks are mitigated or managed.
JV close eliminates dependency on a construction lender's pre-sale covenant.
Land loan retired at close — no further interest accrual.
Fixed-price GC contracts. Contingency reserves carried inside the $44.3M cost base.
Underwritten at $1,100/ft — the floor of comps. 20–35% upside cushion to current asking prices.
$11M in. 50% of the profit. The full picture.
The structure is simple. You contribute $11M of equity alongside the sponsor's $3M. You receive 50% of the total profit pool — including the value created by paying off the existing land loan. Below is exactly what's on the table, drawn directly from the underwriting model.
Your $11M joins the sponsor's $3M to form the $14M equity stack that retires the land loan and funds the path to delivery. In return, you receive 50% of the total profit pool.
How the $21.59M Profit Pool is Built
All figures sourced directly from the Investor Partnership model (1160 / 1125 — Islands Group). Click "Download .xlsx" above to review every line item, formula, and assumption.
Alma-Mila-Partnership-Financials.xlsx · 1 worksheet · full structure, profit pool, and ROI calculation
Everything we have. In one place.
Below is the complete set of materials behind the projects and the partnership. The financial model is included as a download so you can interrogate every number.
Renderings, residences, neighborhood — AlmaMilaBayHarbor.com
Walk through 1125 97th Street in immersive 3D
Walk through 1160 101st Street in immersive 3D
Floor plans, finishes, marketing assets, brochure
Full interactive sales deck used with buyers
100% ID CD Set · 1125 97th Street
100% ID CD Set · 1160 101st Street
Full underwriting model · 1125 97th Street
Full underwriting model · 1160 101st Street
Buyout detail · 1125 97th Street
Buyout detail · 1160 101st Street
Complete underwriting & profit-pool calculation