Tula Residences Resumes Construction in North Bay Village, Completion Expected by 2026

After a prolonged halt, construction on the 54-unit Tula Residences in North Bay Village is set to resume, with completion expected in 2026. Led by developer Vivian Dimond, the 15-story luxury condominium project on Harbor Island aims to revitalize the local real estate market and attract high-end buyers.

Project Revival and Market Impact

Initially developed by Malaysian firm Pacific & Orient, construction stalled in late 2023 due to financial and legal challenges, including a $7 million lien from the former general contractor. Under Dimond’s leadership, Bayshore Grove Capital has now taken control of the project, with Pacific & Orient remaining a non-operational partner. Work is scheduled to restart soon, with an anticipated 18-month timeline for completion.

North Bay Village Market Overview

• The local housing market has seen a 4.3% decline in home values over the past year, with the average home price now at $401,682.
• Homes typically spend 99 days on the market, reflecting moderate demand.
• With 187 active listings, competition remains steady for sellers.

Luxury Living at Tula Residences

Tula Residences will offer two- to five-bedroom condos priced between $2 million and $6 million, positioning it firmly in the luxury sector. Featuring high-end amenities and waterfront views, the project is expected to draw affluent buyers. Sales are set to launch this spring, aligning with the renewed construction timeline.

As the first new condo development in North Bay Village in over a decade, Tula Residences could catalyze further investment and reshape the area’s real estate landscape. Its successful completion will be closely watched as a potential driver of luxury market growth and waterfront revitalization.