Developer Vivian Dimond Revives Stalled North Bay Village Condo Project

Traded | Traded Media | Friday, March 14, 2025

Key Points:

Project Resumption: Construction on the 54-unit Tula Residences in North Bay Village is set to resume, with completion expected in 2026.
Market Trends: The North Bay Village housing market has experienced a 4.3% decrease in home values over the past year, with the average home value now at $401,682.
Pricing Strategy: Units at Tula Residences will range from just under $2 million to nearly $6 million, positioning them in the luxury segment of the market.

In a significant development for North Bay Village, the long-stalled Tula Residences condo project is set to resume construction under the leadership of developer Vivian Dimond. This 54-unit, 15-story building on Harbor Island, which will rise to 21 stories once completed, has faced numerous challenges since construction halted in late 2023. With plans to restart work and introduce updated designs and amenities, Tula Residences aims to invigorate the local real estate market.

Project Resumption and Updates:

Background: Originally initiated by Malaysian developer Pacific & Orient, construction of Tula Residences ceased in late 2023 due to financial and legal complications, including a nearly $7 million lien filed by the former general contractor.
New Leadership: Vivian Dimond’s Bayshore Grove Capital has assumed control of the project, with Pacific & Orient remaining as a partner without direct involvement in construction or development.
Construction Timeline: Work is expected to resume shortly, with completion anticipated within 18 months, targeting a 2026 finish.

North Bay Village Market Trends:

Home Values: The average home value in North Bay Village is $401,682, reflecting a 4.3% decrease over the past year.
Market Activity: Homes typically remain on the market for an average of 99 days, indicating a moderately paced market.
Inventory Levels: The area currently has 187 active home listings, suggesting a competitive environment for sellers.

Pricing and Market Positioning:

Unit Pricing: Tula Residences will offer two- to five-bedroom condos, with prices ranging from just under $2 million to nearly $6 million.
Luxury Segment: These pricing levels position Tula Residences within the luxury market, catering to buyers seeking high-end amenities and waterfront views.
Sales Launch: Sales are scheduled to commence this spring, aligning with the anticipated construction timeline.

North Bay Village’s Continued Growth:

The revival of Tula Residences under Vivian Dimond’s leadership marks a pivotal moment for North Bay Village’s real estate landscape. As the first new condo development in over a decade, it has the potential to attract luxury buyers and stimulate further investment in the area. Stakeholders will be closely monitoring the project’s progress and its influence on local market dynamics. The successful completion of Tula Residences could serve as a catalyst for future developments, reinforcing North Bay Village’s appeal as a desirable waterfront community. Investors and residents alike will be keen to observe how this project shapes the neighborhood’s evolution in the coming years.

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Disclaimer

This project is being developed by Pacific & Orient Properties, LLC, a Florida limited liability company (“Developer”). This brochure is for Tula Residences (the “Residences”) and any and all depictions, renderings, descriptions, etc., of any additional improvements within the overall project are subject to change at any time, without notice. Any additional improvements may not be available at the time of closing and/or may never be made available and shall not be relied upon in any manner. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS WEBSITE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP24-0048. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. These images are conceptual only and are for the convenience of reference. They should not be relied upon as representations, express or implied, of the final detail of The Residences. The Developer expressly reserved the right to make modifications, revisions and changes it deems desirable in its sole and absolute discretion. All plans, features and amenities depicted and/or described herein are based upon preliminary development plans and are subject to change without notice in the manner provided in the offering documents. All improvements, designs and construction are subject to first obtaining the appropriate federal, state, and local permits and approvals for same. No guarantees or representations whatsoever are made that any plans, features, amenities or facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. Additional rates for amenities may apply. Only those amenities set forth in the prospectus (offering circular) stated as being without additional cost will be provided by Developer without additional cost. All dimensions are estimates which will vary with actual construction, and all floor plans, specifications and other development plans are subject to change and will not necessarily accurately reflect the final plans and specifications for the development. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas described herein will be provided or, if provided, will be as described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the Developer in no manner guarantees the continuing existence of any view. Certain items, if included with the unit, such as tile, marble, stone, granite, cabinets, wood, stain, grout, wall and ceiling texture, mica and carpeting, are subject to size and color variations, grain and quality variations, and may vary in accordance with price, availability and changes by manufacturer from those shown in the models or in illustrations or in the published list of standard items (if any). If circumstances arise which, in Developer’s opinion, warrant changes of suppliers, manufacturers, brand names, models, or items, or if Developer elects to omit certain items, Developer may modify the list of the standard features or make substitutions for equipment, material, appliances, brands, models, etc. with item which in Developer’s opinion are equal or better quality (regardless of cost). The project graphics, renderings and text provided herein may be protected by copyright law and are owned by the Developer. All rights reserved. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement.
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