Michael Stern and Partners Acquire Bay Garden Manor for $120M Redevelopment
September 5, 2025
Bay Garden Manor Redevelopment in Miami Beach
The Bay Garden Manor redevelopment marks one of Miami Beach’s most ambitious condo buyouts in recent years. Developer Michael Stern and his partners acquired the waterfront property for $120 million, setting the stage for a luxury residential tower that will reshape West Avenue.
Prime Location with Biscayne Bay Views
Bay Garden Manor sits at 1250 West Avenue on a 1.9-acre site overlooking Biscayne Bay. The 15-story building houses 238 units. It is located just south of Monad Terrace, designed by world-renowned architect Jean Nouvel and developed by Stern’s JDS Development in 2021.
The redevelopment team includes Terra, led by David Martin, GV Development by Gianluca Vacchi, and RG Development. Their collective vision aims to deliver one of Miami Beach’s most exclusive new condo projects.
Taller Tower, Lower Density
This summer, Miami Beach commissioners approved a plan for a tower rising 330 feet—well above current zoning limits. In exchange, the developers reduced the unit count to 125 condos, down from 286.
They also committed to purchasing the Bikini Hostel across the street. That property will be redeveloped into a public amenity, likely a park, benefitting the broader community.
Condo Buyouts on the Rise
Condo buyouts have become more common since the tragic Champlain Towers South collapse in Surfside. Florida’s new safety regulations now require boards to fund costly structural repairs. Many owners prefer selling to developers instead of paying assessments.
A recent example is in Coconut Grove, where Mast Capital and BH Group bought most units in a waterfront condo for a luxury redevelopment. Learn more about Coconut Grove’s redevelopment projects here.
For more insights into Miami’s evolving skyline, check out our coverage of Miami real estate development trends.
Developer Response
Spokespersons for JDS Development and Terra did not comment. GV Development and RG Development could not be reached.
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