South Florida Gets New Private Island Project

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A partnership between real estate firm BH3 and developer Gary Cohen is planning to develop a two-tower condo project on South Florida's last buildable private island.

The project, dubbed Privé, is located on the 8-acre island between Williams Island and Sunny Isles Beach. The Cohen family, known for developing Williams Island during the 1960s, sold the private island to an affiliate of Gary Cohen and BH3 Management LLC called Privé Developers LLC, The Real Deal reports.

The currently vacant island connects to Island Estates, Cohen's 21-mansion development. 

Developers have submitted plans to build twin 16-story towers with designs by Miami-based Sieger Suarez, featuring 160 ultra-luxury residences with private elevator entry, 10-foot glass and 10-foot-deep balconies, east/west water views and "outdoor summer kitchens," according to the release.

"The property's resort lifestyle on a private island in the heart of Aventura, surrounded by water, plush landscaping, and the most natural and inspiring view corridors presents something unmatched in Miami's market," Gary Cohen said in a release. "Each resident will live in the utmost privacy, perched high atop the surrounding waterways, with gated security services, five star amenities, and complete tranquility." 

Privé will offer a 10,000-square gym, private pier, nature trail, private beach, and a jogging path, all with 24-hour security. Prices for the 160 apartments will range from $1.7 million to more than $6 million, according to The Real Deal. 

Pre-sales for Privé are set to begin next month. A scheduled completion date for the island project was not provided. 

BH3 was created in 2009 with an "opportunistic" strategy to acquire underperforming assets. Its portfolio is valued in excess of $1 billion with property in South Florida and New York City. 

"As developers, we did not imagine such a rare and exclusive development opportunity would arise in our backyard, and we're enamored to join Gary and together bring Privé to the market," BH3 said.