Alma & Mila
Two fully-entitled boutique condominium projects, ready to break ground. $250,000 into escrow reserves a residence through top-off — or converts into 3.125% LP equity across both buildings. Two units per building and we go vertical.
Two boutique towers. One simple way in.
Alma & Mila are two boutique condominium projects on the same block in Bay Harbor Islands — designed by Kobi Karp, fully entitled, permitted and marketed. Rather than raising a single large development check, we open construction with a small group of $250,000 escrowed positions — each one either a residence or an LP stake in both projects.
A standard purchase contract with a licensed title company. The deposit is a secured buyer position — not an unsecured loan to the sponsor.
As soon as two residences are reserved in a building, construction is released and the tower goes vertical.
The right to take the unit runs until the building tops off. Continue with the purchase payments — or convert to LP equity.
$250K converts to 3.125% LP equity across both Alma & Mila, sharing in 50% of project profit — projected ≈94% on cash in.
Two boutique buildings. One block.
Designed, rendered, and selling.
Architecture by Kobi Karp. Every residence, amenity space and tower elevation is rendered in final form. Pre-sales and broker outreach are already underway.
Bay Harbor Islands.
- Guard-gated island village — about 6,000 residents
- Walking distance to Bal Harbour Shops
- A-rated K–8 Ruth K. Broad Bay Harbor School
- 10 minutes to Miami Beach, 20 minutes to MIA
- Severely supply-constrained — almost no large new construction permitted
Bay Harbor's zoning caps height and density. Every new boutique unit replaces older stock — pricing is structurally protected on the upside.
$1,100/ft is the floor — not the ceiling.
The comparables below are dry-lot, non-waterfront, new-construction projects within Bay Harbor Islands — the same buyer pool we sell into. Our underwriting sits 20–35% below the active market.
Sources: active MLS listings & sponsor websites for The Well, Porto Bay, Solina, and Bay Harbor Villas. Ranges reflect current asking prices on dry-lot, non-waterfront, new-construction inventory.
$250K into escrow. A unit — or LP equity in both projects.
You come in as a buyer — roughly 10% down on a ~$2.5M residence — with the money held in escrow like any normal sale. The right to take that unit runs until the building tops off. At top-off you either fund the remaining purchase payments and keep the apartment, or your $250K converts into limited-partner equity across both Alma & Mila at 1.25% per $100K.
Funds are held in title-company escrow under a standard Florida purchase contract — not released to the sponsor as an unsecured loan.
Two reservations per building unlock construction. No waiting for a lender's pre-sale covenant or a large single-check partner.
Fund the balance and keep the residence, or convert to 3.125% LP equity in both projects, sharing 50% of total profit.
How it works.
From reservation to delivery, in five steps.
Select a unit and sign a standard purchase contract at pre-construction pricing — typically around $2.5M.
A 10% deposit (≈$250,000) is wired to the title company's escrow account. Not to the developer.
Once two residences are reserved in a building, we release escrow to construction and go vertical.
GC schedule is 14 months. We publicly target 18–24 months to stay conservative.
Keep the unit by funding the remaining purchase payments — or let the $250K convert into LP equity across both projects.
Why this is the safer structure.
What is secured, and what is actively managed.
Your $250K sits in a licensed title-company escrow under a Florida purchase contract — the same protection any retail buyer receives.
Until top-off you hold a contractual right to a specific unit at a fixed pre-construction price.
Fixed-price GC contract, permits in hand, 100% CD sets complete. Contingency carried inside the construction budget.
Underwritten at $1,100/ft while active Bay Harbor comps ask $1,200–$1,600/ft — a real cushion on the sell-out.
Roughly 94% on your $250K — in under two years.
If you don't take the unit, the $250,000 becomes limited-partner equity across both Alma & Mila — 1.25% of the partnership for every $100,000, so $250,000 earns 3.125%. Investors share 50% of total project profit. Your return is a slice of the combined profit of both projects, not the resale of one apartment.
Our underwriting case at $1,100/ft across both buildings.
Sell-out at $1,150/ft — still below every active Bay Harbor comp.
$1,200/ft — well under the $1,200–$1,600/ft comp set.
The right to the unit runs until the building tops off. Elect to keep it and you continue the standard construction-deposit schedule, closing at your original pre-construction price. After top-off, the unit right expires.
Don't fund the balance and the $250,000 rolls into equity across Alma and Mila at 1.25% per $100K. You share in 50% of the combined profit — at a $15M profit that's $234,448, about 94% on cash in.
Illustrative. Based on 53,977 sellable SF across both buildings, sell-out pricing of $1,100–$1,200/ft, total project cost of $44.37M, a 50% investor profit share, and 1.25% of partnership equity per $100,000 invested. Actual costs, pricing, timing and results will vary. Not an offer to sell securities.
Everything we have. In one place.
Below is the complete set of materials behind both buildings — renderings, 3D tours, construction documents, budgets and pro formas — so you can verify the project before reserving a residence.
Renderings, residences, neighborhood — AlmaMilaBayHarbor.com
Walk through 1125 97th Street in immersive 3D
Walk through 1160 101st Street in immersive 3D
Floor plans, finishes, marketing assets, brochure
Full interactive sales deck used with buyers
100% ID CD Set · 1125 97th Street
100% ID CD Set · 1160 101st Street
Full underwriting model · 1125 97th Street
Full underwriting model · 1160 101st Street
Buyout detail · 1125 97th Street
Buyout detail · 1160 101st Street