CMC Group and Morabito Properties Complete Luxurious Onda Residences in Bay Harbor Islands

CMC Group and Morabito Properties have completed their high-end waterfront condominium project, Onda Residences, at 1135 103rd Street in Bay Harbor Islands. The eight-story development, comprising 41 units, has seen overwhelming success, with only three units remaining unsold.

Three years after launching sales, the joint venture, led by Ugo Colombo’s CMC and Valerio Morabito’s Morabito Properties, has achieved an impressive sales volume of approximately $170 million. The project was backed by a $65 million construction loan secured from Bank OZK in 2022.

Fortune Christie’s International Real Estate managed sales for the project. Morabito said most buyers were North Americans from regions such as the Northeast, California, and Canada. These buyers are primarily looking to make Onda their full-time residence, drawn by the appeal of Miami living. Morabito remarked on the growing popularity of Bay Harbor, stating that people have finally discovered its unique charm.

The design of Onda Residences was entrusted to a renowned team, including Bernardo Fort-Brescia of Arquitectonica, Carlo and Paolo Colombo of A++ Human Sustainable Architecture, and Enzo Enea of Enea Garden Design. The luxury units range from 1,800 to 3,500 square feet, offering two to four bedrooms. Additionally, four exclusive penthouse units span nearly 5,100 square feet, with two featuring private rooftop pool decks. Prices for these residences ranged from $1.6 million to $8 million.

The building boasts a range of premium amenities, including a rooftop pool, fitness and spa facilities, and a 15-slip private marina.

Bay Harbor Islands has recently become a hotspot for luxury condo development, attracting significant attention from developers and buyers alike. In March, Regency Development Group initiated its third condo project on the islands, an eight-story, nine-unit building with prices ranging from $4 million to $9 million. Last November, developers Ari Pearl and Jonathan Leifer launched sales for their planned 44-unit Bay Harbor Towers. In August last year, Jonathan Landau secured a $29 million construction loan for his Bay Harbor Islands project.