Luxury Condos in North Bay Village, Miami

North Bay Village is not a Miami neighborhood. It is its own incorporated city, established in 1945, built on three man-made islands in Biscayne Bay between Miami and Miami Beach: Harbor Island, North Bay Island and Treasure Island. According to the Village's own records, those three islands cover 525 acres with 4.75 miles of waterfront, house more than 8,000 residents and include 376 single-family homes. The 79th Street Causeway, signed as the John F. Kennedy Causeway, runs straight through the city and is the only road connection in either direction. The U.S. Census Bureau counted 8,159 residents in the 2020 Census and estimated 8,099 as of July 1, 2025, on 0.37 square miles of land, which works out to about 22,051 people per square mile. That density on that little land is the whole story of why developers are here. For a broader market frame, see our Miami pre-construction buyer guide and the Q1 2026 market report.

Current Market: North Bay Village in September 2026

The honest picture of this market in September 2026 is that the news is in the construction financing, not in a monthly price statistic. On September 1, 2026, The Real Deal reported that Shoma Group closed a $172.5 million C-PACE construction loan from Nuveen Green Capital for the 333-residence Shoma Bay tower at 1850 John F. Kennedy Causeway, with asking prices that started in the $800,000s. Two weeks earlier the same tower had no closed construction debt. That is the kind of dated fact I underwrite a submarket on.

For the existing housing stock, the most defensible figure available is from the Census Bureau: a median value of $464,200 for owner-occupied homes in the city, from the 2020-2024 American Community Survey. That covers every unit in the city, including 1970s and 1980s mid-rise condos, so it tells you almost nothing about a new bay-front tower. It is a floor, not a comparable. For current Miami-Dade county-level closed-sale data, I work from Miami Realtors monthly statistics rather than any single listing-site snapshot, because the snapshots for a city of roughly 3,500 households swing hard on a handful of closings.

My professional judgment, clearly labelled as judgment and not as data: the resale tier here still trades at a discount to Edgewater and Sunny Isles for comparable water frontage, and the new branded towers are pricing well above anything that has ever closed in the city. I do not publish a price-per-square-foot band for North Bay Village because there is not yet enough closed branded inventory to build one honestly. When a client asks me what a unit is worth, I price the specific line, floor and exposure against the sales office's current price sheet and against closed sales in comparable bay-front buildings, and I show them the work.

The Five Projects Actually Moving in North Bay Village

These are the five projects with real, dated, publicly reported milestones. Each one below names its source. I check every one of these against the filed village commission records and the sales galleries rather than relying on a press release.

• Continuum Waterfront District: the Eichner family's Continuum Company with Turkish partner Aksoy Holding. Per Florida YIMBY, the partners closed a $350 million package from S3 Capital at the end of April 2026: $261 million of construction financing for Phase One at 1755 John F. Kennedy Causeway and $83 million of predevelopment financing for Phase Two at 1819 John F. Kennedy Causeway. Phase One is Continuum Club & Residences West, 36 stories and 236 units designed by Arquitectonica, with roughly half the residences reported under contract and completion expected in 2028. Phase Two adds a second tower of about 300 units plus a hotel, targeted for 2030. The site was assembled between 2023 and 2024 for about $108.5 million, and the master plan was approved by the North Bay Village Commission in 2025 through a special area plan, site plan and development agreement.
• Shoma Bay: Shoma Group, led by Masoud and Stephanie Shojaee. 24 stories, 333 residences plus 10 townhouses at 1850 John F. Kennedy Causeway, with a retail promenade anchored by a 36,000-square-foot Publix. Units run from 344-square-foot studios to 2,700-square-foot three-bedrooms, asking prices started in the $800,000s, and completion is targeted for 2027, per The Real Deal. This is the project that just closed its $172.5 million construction loan.
• Tula Residences: 54 residences over 21 stories at 7918 West Drive, developed by Bayshore Grove Capital with Pacific & Orient Properties. Architecture by M77R, interiors by Shannon Farrell Design. Every home is a corner residence, four per floor from levels 7 to 19, with two-bedroom to three-bedroom plans of roughly 1,590 to 2,440 square feet and six penthouses of 3,700 to 4,140 square feet. Prices start at $1,995,000 and completion is targeted for 2027. Full detail on our Tula Residences page.
• Pagani Residences: Horacio Pagani's first residential project anywhere in the world, developed by Riviera Horizons with Pagani Arte. 70 all-corner residences over 30 stories at 7940 West Drive, four homes per floor, two to four bedrooms of roughly 2,000 to over 3,000 square feet. Prices start at $3.9 million, with two duplex penthouses at $30 million and $28.5 million. It broke ground on May 15, 2026, per Florida YIMBY, with delivery estimated in 2028. Full detail on our Pagani Residences page.
• Ritz-Carlton Residences North Bay Village: Related Group with Macklowe Properties, Macklowe's first South Florida project. Two 43-story towers of about 500 feet at 8000 East Drive and 7946 East Drive on Harbor Island, 364 condos total, designed by Arquitectonica, with a 42-slip private marina and a public waterfront park. Per The Real Deal, village commissioners approved the two-tower development at meetings in July and September 2025 through a zoning ordinance and special area plan. Pricing, floor plans and unit sizes have not been released, so this is an interest-list stage, not a buying decision. Our full write-up: Ritz-Carlton Residences North Bay Village.

One more worth naming: The Real Deal reports that the largest planned development in the city is Andy Ansin's phased project on land north and south of the 79th Street Causeway. Nothing about its unit count or timing is settled enough for me to put a number next to it here, which is exactly why I am naming it rather than quantifying it.

Project	Latest verified milestone	Units / Stories	Published pricing	Target completion
Continuum Club & Residences West	$350M package closed April 2026 (Florida YIMBY)	236 / 36 stories	Not published	2028
Continuum Club & Residences East	$83M predevelopment financing closed	About 300 / not published	Not published	2030
Shoma Bay	$172.5M construction loan closed Sept 1, 2026 (The Real Deal)	333 plus 10 townhouses / 24 stories	From the $800,000s	2027
Tula Residences	Sales launched, under construction	54 / 21 stories	From $1,995,000	2027
Pagani Residences	Broke ground May 15, 2026 (Florida YIMBY)	70 / 30 stories	From $3,900,000	2028
Ritz-Carlton Residences	Approved July and September 2025 (The Real Deal)	364 / two 43-story towers	Not released	Not published

Deposits and Developer Risk in North Bay Village

I will not publish a single deposit schedule as if every project used one, because they do not and the terms move between release cycles. What I will tell you is how I read them. Ask the sales office for the current schedule in writing, then check three things: how much of your money is at risk before the building is structurally topped off, who the escrow agent is, and whether the developer has closed construction financing. That last one is the reason the Shoma Bay and Continuum financing closings matter more to a buyer than any renders. A project with committed construction debt and a real master permit is a different risk than a project with an approval and an interest list.

Florida Statute 718.202 governs how a developer must hold pre-construction purchase deposits in escrow, and it is the buyer's protection if a project stalls. It only works if the escrow agent and the account are what the contract says they are, so I verify them rather than assume them. For deeper detail on developer risk underwriting, see the pre-construction buyer guide and the condo financial health check.

Who Should Buy in North Bay Village

• Buyers who want bay frontage on both sides: this is the structural feature nobody can add later. The islands are narrow and the Census Bureau puts the city's land at 0.37 square miles, so a tower here replaces older low-density stock on land that cannot be manufactured.
• Buyers who want a new building and can wait: every project above delivers in 2027 or later. If you need to move this year, you are buying resale in the older stock, and that is a different due-diligence exercise.
• Boat owners: the Ritz-Carlton project programs a 42-slip private marina and the Continuum plan includes marina access, both per the reporting linked above. Confirm slip availability and whether a slip conveys before you sign anything.
• Foreign buyers structuring through an entity: build the ownership structure before signing the reservation, not after. See the LLC structuring for foreign buyers guide.

North Bay Village is not a short-term rental market. Minimum lease terms are set building by building in the declaration of condominium, not by a citywide rule I can quote you, so read the declaration before you underwrite any rental income. For higher-turnover yield plays, see the Brickell luxury condos guide. For oceanfront, see the Sunny Isles oceanfront condos guide.

HOA Fees, SB 4-D Risk, and Carrying Costs

This is the most important due-diligence step for anyone buying resale here, and it is where I have actually walked clients away. The city's older condo stock is exactly the profile Florida's SB 4-D milestone inspection and structural integrity reserve study requirements were written for: mid-rise buildings, decades old, on salt water. I do not quote an average special assessment, because the number that matters is the one in that specific building's reserve study and I have seen them land nowhere near each other.

What I do on every resale, before an offer is written: pull the milestone inspection report, the structural integrity reserve study, the current operating budget, the reserve balance and the minutes for the last two years. If the reserve study shows catch-up funding the seller has not disclosed, that is the end of the conversation for me. On pre-construction, the HOA number in the sales package is a developer projection, not a delivered figure, and it is normal for it to rise at stabilization. Budget for that, and for Miami-Dade property tax and Florida condo insurance, on top of the purchase price. For the full pre-purchase financial check, see the SB 4-D special assessments guide and the true cost of owning a Miami luxury condo.

North Bay Village Compared to the Alternatives

The comparison I actually make for clients is qualitative, because the branded closings needed for a clean price comparison have not happened here yet. North Bay Village gives you water on both sides of a narrow island, a small municipality with its own commission, and a pipeline that is mid-build. Sunny Isles gives you direct oceanfront and a mature branded market with a long closed-sale record. Bal Harbour gives you the top of the branded market and the most established buyer pool. Edgewater gives you skyline proximity and urban density with no island scale. Brickell gives you the most liquid rental market and the most supply.

The trade is straightforward: North Bay Village asks you to accept construction risk and an unproven resale record in exchange for irreplaceable bay frontage bought before the district is finished. That is a real trade, not a free lunch, and it is not right for a buyer who needs to sell in three years. For apples-to-apples comparisons on branded inventory, see the Cipriani vs St. Regis Brickell comparison and the Mandarin vs Waldorf comparison. For the island enclaves just north across the bay, see Bal Harbour vs Bay Harbor Islands.

Investment Outlook: What I Would and Would Not Underwrite

The case for North Bay Village is scarcity of land and a district being rebuilt at once. The case against it is execution risk on several large projects in a city that has never absorbed this much new inventory, on a single causeway with no room for new roads. Both are real. I do not publish an appreciation forecast or a cap-rate range for this submarket, because any number I gave you would be a guess dressed up as analysis, and the closed-sale base for new branded product here does not exist yet.

What I would underwrite: the financing milestones, which are public and dated. Shoma Bay has $172.5 million of committed construction debt as of September 2026. Continuum has $261 million committed on Phase One and a 2028 target. Pagani is out of the ground. Tula is under construction with published pricing. The Ritz-Carlton towers are approved but have released no pricing. That ordering is the risk ladder, and it is the one I walk clients down.

How I Help North Bay Village Buyers

I keep current on this city through the filed village commission records, the published financing and permit reporting, and direct conversations with the sales offices at each project. For resale, I pull the reserve study, the milestone inspection report and the reserve balance before any offer is written. For pre-construction, I read the developer's financing position, the escrow agent and the deposit schedule line by line, and I say out loud which of the five projects above I would put a client's deposit into today and which I would wait on. That answer changes as financing closes, which is why this page carries a verification date.

"The question I get asked about North Bay Village is which building to buy. The question I answer instead is which developer has actually closed construction financing, because on three islands with one road out, a stalled tower is not a paper problem. Shoma Bay and Continuum have committed debt on the table. That is a fact you can check, and it beats anything on a rendering."Gerardo Gonzalez, Licensed Real Estate Agent at Compass

Want a private shortlist of North Bay Village options matched to your budget, timing and use case? Reach out for a 30-minute consultation and I will walk you through where each project actually stands.

Key Takeaways

• North Bay Village is its own city, incorporated in 1945, on three islands in Biscayne Bay: Harbor Island, North Bay Island and Treasure Island, split by the 79th Street Causeway.
• The U.S. Census Bureau puts the city at 8,099 residents as of July 1, 2025 and 0.37 square miles of land, or about 22,051 people per square mile. The Village reports 525 acres across the three islands with 4.75 miles of waterfront.
• Shoma Bay closed a $172.5 million C-PACE construction loan on September 1, 2026, per The Real Deal. It is a 333-residence, 24-story tower with a 36,000-square-foot Publix, asking prices from the $800,000s, completion targeted 2027.
• Published entry prices across the pipeline: Shoma Bay from the $800,000s, Tula Residences from $1,995,000, Pagani Residences from $3,900,000. Continuum and the Ritz-Carlton towers have not released pricing.
• The Census Bureau's median value for owner-occupied homes citywide is $464,200 (2020-2024 ACS). That covers all stock including 1970s mid-rise and is not a comparable for a new bay-front tower.
• The core decision is resale versus pre-construction: resale means immediate occupancy and real SB 4-D reserve risk in the older stock, pre-construction means a 2027 or later delivery and developer execution risk.

Quick Facts: North Bay Village

Municipal status	Its own city, incorporated 1945
Islands	Harbor Island, North Bay Island, Treasure Island
Population (Census estimate, July 1, 2025)	8,099
Population (2020 Census)	8,159
Land area	0.37 square miles
Population density (2020)	About 22,051 per square mile
Village-reported island area	525 acres, 4.75 miles of waterfront
Median value, owner-occupied homes	$464,200 (2020-2024 ACS)
Road access	79th Street Causeway (John F. Kennedy Causeway)
Published pre-construction entry prices	Shoma Bay from the $800,000s, Tula from $1,995,000, Pagani from $3,900,000

Frequently Asked Questions

Is North Bay Village its own city or part of Miami in 2026?

It is its own incorporated city, established in 1945, and it is not part of Miami or Miami Beach. It sits on three man-made islands in Biscayne Bay: Harbor Island, North Bay Island and Treasure Island. The 79th Street Causeway, signed as the John F. Kennedy Causeway, runs through the city and is its only road connection. The U.S. Census Bureau puts the land area at 0.37 square miles, and the Village reports 525 acres across the three islands with 4.75 miles of waterfront.

What is the population of North Bay Village in 2026?

The U.S. Census Bureau estimated 8,099 residents as of July 1, 2025, down slightly from the 8,159 counted in the 2020 Census. On 0.37 square miles of land that is roughly 22,051 people per square mile, which makes it one of the more densely populated municipalities in Florida. The Village's own records describe a community of more than 8,000 residents including 376 single-family homes.

Which North Bay Village condo projects have closed construction financing?

Two have publicly reported construction debt. Shoma Bay closed a $172.5 million C-PACE construction loan from lender Nuveen Green Capital on September 1, 2026, per The Real Deal. Continuum closed a $350 million package from S3 Capital at the end of April 2026, which includes $261 million of construction financing for Phase One, per Florida YIMBY. Pagani Residences broke ground on May 15, 2026 and Tula Residences is under construction. The Ritz-Carlton towers are approved but have released no pricing.

What do new North Bay Village condos cost in 2026?

Only three projects have published entry pricing. Shoma Bay asking prices started in the $800,000s, per The Real Deal. Tula Residences starts at $1,995,000, and Pagani Residences starts at $3.9 million with two duplex penthouses at $30 million and $28.5 million. Continuum and the Ritz-Carlton Residences have not released pricing. For context on the existing stock, the Census Bureau's 2020-2024 median value for owner-occupied homes citywide is $464,200, which includes 1970s and 1980s mid-rise and is not a comparable for new bay-front product.

How do I check a North Bay Village pre-construction project before I buy?

Do it in this order. Ask for the current deposit schedule in writing. Confirm who the escrow agent is and verify the account, since Florida Statute 718.202 governs how deposits must be held. Confirm whether the developer has closed construction financing and holds a master building permit, which is what separates a building under construction from an approval. Read the projected operating budget and treat the HOA figure as a projection, not a delivered number. Then read the village commission record for the project's approvals.

Should I buy resale or pre-construction in North Bay Village?

My advice depends on your timing and your appetite for a reserve study. Resale gets you in this year and a known association, but the city's older mid-rise stock is squarely inside Florida's SB 4-D milestone inspection and reserve study requirements, so the reserve study and milestone report decide the deal. Pre-construction means waiting until 2027 at the earliest across every project in the pipeline, with developer execution as the main risk. I have walked clients away from resale purchases over undisclosed reserve catch-up funding, and I have told buyers to wait on projects that had approvals but no construction debt.

Last verified: September 16, 2026, against North Bay Village records, U.S. Census Bureau QuickFacts, The Real Deal and Florida YIMBY reporting.

About the author: Gerardo Gonzalez is a licensed real estate agent at Compass, specializing in South Florida luxury and pre-construction real estate. Luxury Dade Group at Compass. (305) 964-8614 | [email protected]

Related guides: Edgewater luxury condos | Sunny Isles oceanfront condos | Bal Harbour luxury condos | Aventura luxury condos | Hollywood Beach luxury condos | SB 4-D special assessments guide | LLC structuring for foreign buyers | Q1 2026 Miami pre-construction report