Rivage Bal Harbour

Related Group, paired with Two Roads Development, is building a 25-story, 56-unit tower at 10245 Collins Avenue on the Bal Harbour barrier island. Skidmore, Owings & Merrill designed the building; Rottet Studio did the interiors. The project is under construction now, launched to sales in January 2023, and is roughly 30% sold. No completion or TCO date has been published, and the deposit schedule targets top-off in Q3 2026 with closing in Q4 2027 — so that stands as the working timeline until the sponsor confirms otherwise.

At 56 units across 25 floors, this is a low-density building for its footprint, which matters both for the pace of sell-through and for how thin the resale pool will eventually be. Three years into marketing at one-third sold is a deliberate pace rather than a stalled one — there's no evidence of a relaunch or repricing in the file — but it is slower than the absorption a hot launch would show.

Units run from 3,284 to 12,603 square feet, priced from $13M to $75M, at roughly $4,000 per square foot. That spread — four-figure entry units up to a full-floor-scale penthouse — puts this at the top end of Bal Harbour's new-construction stock, though the file has no published neighborhood price-band comparable to weigh that figure against directly.

Terraces run up to 12 feet deep with direct Atlantic and Biscayne Bay views, a meaningful depth for outdoor living rather than a decorative balcony. Every residence comes with a two-car private garage and storage, and direct private-elevator entry — the kind of vertical privacy this price tier expects. HOA dues are set at $2.10 per square foot monthly. Specific finish packages and floor plans beyond these headline figures are not itemized in the file.

The amenity list is built for residents who rarely need to leave the building: a private beach club with food and beverage service and water toys, exclusive access to a private shoreline, two pools (Sunrise facing the ocean, Sunset with a bar and adjacent pickleball and padel courts), a spa with sauna, hammam, and hot and cold plunge pools, and a fitness pavilion with a dedicated yoga and Pilates studio. Add a golf simulator, a VR game simulator, a children's playroom, and a dog park, and the building covers most of a household's daily needs on site.

Service runs deep rather than wide: a full-time concierge, a residential butler and estate manager, personal chef and medical concierge services, housekeeping and laundry, a house car, and 24-hour security and valet. Dining is signature and resident-exclusive, with a private dining room, cocktail lounge, club room with billiards and a wine vault, and a screening room and library rounding out the social spaces.

The address itself is the case: Bal Harbour's Collins Avenue corridor is a true oceanfront, low-supply stretch, and the developer has been explicit about the scarcity argument — Jon Paul Pérez has said there is 'no competition in Bal Harbour' for a project of this scale. The file does not include broader nearby-development or permitting data to confirm what else may rise around it.

Related Group was founded in 1979 and is one of Miami-Dade's longest-running condo sponsors, here partnered with Two Roads Development. The file does not itemize how many Miami-Dade towers Related has delivered to date, which is a research gap rather than a mark against the sponsor. No litigation names Rivage Bal Harbour itself, and none is open against this specific project in the record reviewed.

Deposits run 20% at contract, 10% at 90 days, 10% at top-off (targeted Q3 2026), and 60% at closing (targeted Q4 2027) — a back-loaded structure that limits early cash exposure but concentrates the bulk of the payment at the far end of construction. Florida statute requires at least 10% held in escrow; the file does not state whether Rivage escrows more than that floor, which is worth confirming directly.

No construction loan or lender is named in the file, and no rental or short-term policy has been published. Ask the sales team in writing for the financing package, the escrow percentage, and the rental policy before the second deposit comes due — none of these are disclosed yet, and all three shape the real risk profile of a pre-construction contract at this price point.

Location carries this deal: a 9, reflecting genuine oceanfront frontage with ocean and bay views and no cited threat to the sightline. Developer scores an 8 — Related and Two Roads are an established pairing, and nothing in the record ties an open dispute to this specific project. Liquidity also scores 8, on the logic that a 56-unit building in a scarce corridor supports a thin but strong resale pool even with rental policy still unpublished.

The rest sits at 6: value, because the $4,000/sqft asking has no neighborhood comp to test it against and sell-through is only 30%; delivery and market momentum, because there's no recorded construction loan or lender at this stage and no completion date; and buyer protection, because the back-loaded deposit schedule is reasonable but financing disclosure is still missing. Overall, 6.9 — a building whose fundamentals are strong and whose paperwork hasn't caught up yet.

This suits a patient buyer underwriting a hold through 2027 and beyond, comfortable funding a back-loaded deposit schedule against an unconfirmed financing picture, in exchange for a scarce oceanfront position and a full-service brand. It does not suit anyone who needs rental income certainty now, a firm delivery date before signing, or a comp-driven basis for the price per foot.