Vivian Dimond Breathing New Life into North Bay Village Condominiums

Reviving North Bay Village: Vivian Dimond Takes the Helm of Tula Residences

In a significant development for North Bay Village, developer Vivian Dimond has stepped in to revive a stalled condominium project on Harbor Island. The 15-story shell, which has been dormant since late 2023, is set to be transformed into Tula Residences, a 54-unit building that promises to bring a fresh wave of luxury living to the area.

A New Direction for Tula Residences

The project, located at 7918 West Drive, was initially spearheaded by Malaysian developer Pacific & Orient, led by CEO Thye Seng Chan. However, after facing numerous challenges, including financial liens and construction delays, Dimond’s Bayshore Grove Capital has taken over as the sole managing member of the LLC that owns the property. While Pacific & Orient remains a partner, they will no longer be involved in the construction or development aspects of the project.

Dimond, who has a proven track record in the real estate sector, expressed optimism about the future of Tula Residences. Although she declined to disclose the financial terms of the deal, she confirmed that the agreement was finalized last year, paving the way for a new chapter in the project’s history.

Overcoming Challenges and Enhancing Design

The journey to revitalize Tula Residences has not been without its hurdles. Construction was halted in late 2023 due to a series of financial complications, including a nearly $7 million lien filed by the former general contractor, Thornton Residential. Additionally, a lawsuit from a cooling company further complicated matters for the previous developer.

However, Dimond is confident that construction will resume “very soon,” with an anticipated completion date in 2026. The new team has made several modifications to the original plans, including changes to the floor layouts and enhancements to the building’s amenities. Notably, the lobby will now be located on the first floor, a shift from the previously planned sixth-floor lobby. The amenities, including a gym and pool, have been upgraded with a focus on wellness, and larger windows will provide residents with stunning waterfront views.

Launching Sales and Market Positioning

Sales for Tula Residences are set to launch this spring, with a team led by Ellis Bachman from Brown Harris Stevens, who recently joined from Douglas Elliman’s Eklund-Gomes team. Bachman highlighted the project as a “major factor” in his decision to move, indicating the potential impact Tula Residences could have on the local market.

The condominiums will range from two- to three-bedroom units, along with six luxurious five-bedroom penthouses. Pricing is positioned to attract affluent buyers, with two-bedroom units starting at just under $2 million, three-bedrooms at nearly $3 million, and penthouses approaching $6 million. Each unit will feature expansive outdoor terraces and breathtaking waterfront views, appealing to those seeking both luxury and accessibility.

A Beacon of New Development in North Bay Village

Despite the previous setbacks, Tula Residences is poised to become the first new condominium building completed in North Bay Village in over a decade. The area has seen a surge in investment, with several projects in the pipeline, including a Pagani-branded condo project and a phased megaproject by the Ansin family’s Sunbeam Properties.

Dimond expressed her enthusiasm for the project, stating, “I like the fact that it is way ahead of everyone else.” This sentiment reflects the growing momentum in North Bay Village, which is increasingly becoming a desirable location for both developers and residents.

Dimond’s Broader Vision

Vivian Dimond is not just focused on Tula Residences; she has a broader vision for residential development in the region. With 1,500 residential units in the pipeline through Bayshore Grove Capital, her portfolio includes various projects, such as the 330-unit Le Parc at Lauderhill and a mixed-use development featuring approximately 900 workforce housing units near Miami’s Allapattah.

As Tula Residences prepares to launch sales and construction resumes, the project stands as a testament to resilience in the face of adversity. With Dimond at the helm, North Bay Village is set to welcome a new era of luxury living, promising to enhance the community and attract new residents to this vibrant waterfront locale.