El-Ad Properties has expanded its investment in North Bay Village by purchasing a second development site for $19 million. The acquisition includes an 11,200-square-foot lot at 7922 East Drive and two adjacent lots totaling 22,400 square feet at 7923 and 7925 East Drive. Public records and data from Vizzda confirm the transaction. El-Ad also took over a $4.5 million mortgage that matures in 2028.
The price paid by El-Ad is more than double what the previous owner, managed by Luis Navas of Fort Lauderdale, paid three years ago. In 2023, the seller acquired the properties for $7.7 million. Last year, city officials in North Bay Village approved transferring development rights from one of the lots to the other two parcels. El-Ad has not yet announced its plans for these sites.
Earlier in May, El-Ad bought a separate one-acre vacant parcel at 7913 West Drive for $20 million from S2 Development. In 2023, local authorities approved S2 Development’s proposal for Marina View tower on that site—a planned 22-story building with up to 94 residential units.
El-Ad operates as part of New York-based Elad Group and has developed over twelve thousand apartments and condos across the Southeast United States, including more than four thousand units in Florida.
Elsewhere in South Florida, El-Ad is preparing to launch District in Davie—a mixed-use project valued at $1 billion featuring five residential towers ranging from twenty to twenty-four stories tall with over twelve hundred apartments, retail space, restaurants, and parking facilities.
North Bay Village continues to attract high-rise developments from various companies. MG Developer and Prosper Group recently submitted plans for a thirty-story tower with nearly one hundred fifty condominiums after acquiring their site last year for almost $31 million. Related Group and Macklowe Properties are planning a dual-tower condominium project nearby that could carry Ritz-Carlton branding.
