12000 North Bayshore Drive Redevelopment by Continuum Company Closes Buyout

Ian Bruce Eichner’s Continuum Company has finalized the buyout of Mariners Bay Condominium, a 1981-built waterfront complex in North Miami, setting the stage for a major luxury redevelopment on Biscayne Bay.

Located at 12000 North Bayshore Drive, the 4.3-acre site includes 46 units and enjoys sweeping bayfront views just minutes from Bay Harbor Islands and Bal Harbour. A Continuum representative said the total purchase price was $48.5 million, though legal filings indicate the number exceeds $61 million. The spokesperson declined to address the discrepancy or ongoing litigation.

That litigation stems from CW Investment Advisers, which sued to recover fees after Continuum walked away from financing negotiations tied to the acquisition. A term sheet referenced in court documents placed the price above $61 million, according to The Real Deal.

The New York–based developer began the buyout process three years ago amid a surge in redevelopment opportunities across South Florida. Following the tragic Champlain Towers South collapse in Surfside, many aging condo owners have opted to sell instead of undertaking costly structural repairs now mandated by state law.

Continuum intends to demolish the existing Mariners Bay building and replace it with a new luxury tower. Plans filed last year outline a 22-story condominium with 267 units, 422 parking spaces, and a marina, designed by Kobi Karp Architects. According to the South Florida Business Journal, which first reported the closing, sales are expected to launch next year.

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