Tula Residences: Vivian Dimond Breathes New Life into Stalled North Bay Village Waterfront Development

Project Revival: A New Vision for North Bay Village

In a significant turn of events for Miami's luxury real estate market, veteran developer Vivian Dimond has taken the reins of a previously stalled waterfront condominium project in North Bay Village. What was once a 15-story incomplete structure on Harbor Island is now poised to become the elegant Tula Residences, a 54-unit luxury development that promises to revitalize the area's real estate landscape.

Dimond's Bayshore Grove Capital has assumed the role of sole managing member of the LLC that owns the property at 7918 West Drive. While Malaysian developer Pacific & Orient, under CEO Thye Seng Chan, remains a financial partner in the project, they've stepped back from direct involvement in construction and development operations. The strategic partnership transition was finalized in late 2023, though specific financial terms remain undisclosed.

"We're bringing fresh energy and expertise to this exceptional waterfront location," Dimond explained in an exclusive interview. "North Bay Village has tremendous potential, and Tula Residences will set a new standard for luxury living in this emerging neighborhood."

Construction Timeline and Enhanced Design Features

Construction on the project, which will ultimately rise to an impressive 21 stories, had previously stalled in late 2023 amid mounting financial challenges. These included a substantial $7 million lien filed by former general contractor Thornton Residential and additional legal action from a cooling company against Pacific & Orient.

Under Dimond's leadership, construction is scheduled to resume imminently with completion projected within 18 months—targeting a 2026 delivery date. The revitalized project has undergone significant design enhancements while maintaining its core vision.

"We just got approved for some changes we made with the city," Dimond noted. "The number of units didn't change, but the layouts were optimized for better flow and functionality."

Notable improvements include relocating the lobby from the sixth floor to a more accessible ground-level position. The development team has also enhanced the amenity package with an expanded wellness focus, featuring upgraded fitness facilities and a reimagined pool deck. Architectural modifications include larger windows strategically placed to maximize the dramatic waterfront views that distinguish the property.

Luxury Offerings and Market Positioning

Sales for Tula Residences are scheduled to launch this spring under the direction of an elite team from Brown Harris Stevens. Leading the sales effort is Ellis Bachman, who recently joined BHS from Douglas Elliman's prestigious Eklund-Gomes team, alongside Pedro Cuberos and Madison Napoles. Bachman revealed that the opportunity to represent this landmark project was "a major factor" in his decision to move to Brown Harris Stevens.

The residential offerings at Tula will feature a thoughtful mix of two- and three-bedroom residences, complemented by six exceptional five-bedroom penthouses. Pricing reflects the project's position as what Bachman terms "accessible luxury" in today's market:

• Two-bedroom residences beginning just under $2 million

• Three-bedroom homes starting at nearly $3 million

• Penthouses priced from approximately $6 million

Each residence will feature expansive outdoor terraces designed to maximize indoor-outdoor living and showcase the property's prime waterfront location. The project team is currently in negotiations to secure construction financing to support the revised development timeline.

North Bay Village: Miami's Emerging Luxury Destination

Despite the initial delays, Tula Residences remains positioned to claim the distinction of being the first new condominium development completed in North Bay Village in over a decade. This milestone comes as the area experiences increasing attention from prominent developers and investors.

"I like the fact that it is way ahead of everyone else," Dimond commented on the project's pioneering status in the area.

The site's history reflects the sometimes challenging nature of South Florida development. P&O's Chan had been advancing plans for the project for nearly a decade after acquiring the 0.8-acre waterfront site for $8.3 million in 2015. While construction was initially slated to begin in 2018, ground wasn't broken until 2023—the same year sales were launched. Under the new ownership structure, one of two pre-existing sales contracts will be honored.

North Bay Village has recently emerged as a hotspot for luxury development, with several significant projects in the pipeline. These include Mikael Hamaoui's Riviera Horizons' Pagani-branded condominium, an ambitious phased megaproject by the billionaire Ansin family's Sunbeam Properties, and the Eichner family's planned Continuum Club & Residences.

Insights: North Bay Village Real Estate Transformation

Why is North Bay Village suddenly attracting major developers?

North Bay Village offers a unique combination of waterfront access, proximity to Miami's urban core, and relative value compared to other waterfront neighborhoods. Its three islands provide a natural exclusivity that developers covet, while still offering enough space for significant projects.

How does Tula Residences compare to other luxury developments in the area?

As the first new condominium in over a decade, Tula Residences establishes a new benchmark for luxury in North Bay Village. Its focus on larger residences with expansive outdoor spaces directly responds to post-pandemic buyer preferences for more spacious, amenity-rich homes with dramatic views.

What impact will this development have on North Bay Village property values?

Historically, pioneering luxury developments tend to establish new price points that elevate surrounding property values. Tula Residences, with its waterfront position and enhanced amenity package, is likely to create a ripple effect that benefits the entire North Bay Village real estate market.

How does Vivian Dimond's track record influence this project's prospects?

Dimond brings substantial development experience through her Coconut Grove-based Bayshore Grove Capital, which currently has 1,500 residential units in various stages of development. Her portfolio includes Le Parc at Lauderhill (330 apartment units in Broward County) and a mixed-use project featuring approximately 900 workforce housing units near Miami's Allapattah neighborhood. This diversified experience across luxury, multifamily, and mixed-use projects strengthens Tula Residences' market position.

What architectural elements make Tula Residences distinctive?

Beyond its waterfront setting, Tula Residences features an enhanced wellness-focused amenity package, reimagined floor plans with improved flow, and strategically enlarged windows to maximize waterfront views. The development team's decision to relocate the lobby to the ground floor also creates a more welcoming arrival experience that better connects residents to the waterfront setting.