Here’s How Related Group Took Icon Bay From Raw Dirt To A 42-Story Condo Where Closings Are Now Underway

Buyers have begun closing on units at Related Group’s newly completed Icon Bay.

Records show that over 22 units have been closed on since July 2. In total, the project includes 300 units.

How did Related take Icon Bay from a distressed loan to a completed, 42-story tower? Here’s how the sausage is made:

  • June 2011 – Related Group affiliate buys distressed loan on Edgewater property (Dolphins owner Stephen Ross is a 25% partner in the project)
  • November 2011 – Related takes title to the land in foreclosure auction
  • August 2012 – After months of review, city approves complicated land swap deal that allows Icon Bay to be built on area that was formerly a public street
  • September 2012 – Sales begin, UDRB review of project
  • December 2012 – 95% of units are reserved after just three months (pricing about $500 psf)
  • March 2013 – Site work begins, foundation work follows in April
  • July 2013 – First tower crane installed
  • October 2013 – Contractors add six floors in eight weeks
  • January 2014 – $30m construction financing issued
  • March 2014 – Construction passes 30th floor
  • July 2014 – Top off
  • July 2015 – Completion and closings