Tula Residences has become the first of North Bay Village’s growing crop of residential high-rises under construction to reach the top. Developers Bayshore Grove Capital and Pacific & Orient Properties announced that the 21-story tower reached its full height at the start of October. When completed, Tula will also become the island city’s first new condominium in more than a decade.
The milestone comes nearly a decade after Pacific & Orient first proposed the project. The company unveiled plans for the tower in 2017, but construction did not get underway until early 2023. Work stalled later that year, and the project’s original general contractor, Thornton Construction, ultimately left the job.
Bayshore Grove Capital, led by Founder and CEO Vivian Dimond, later stepped in to revive the development. The firm secured financing in late 2024, including a recent $67 million construction loan from S3 Capital. A&R Development, which replaced Thornton as general contractor, has overseen the project through its topping out.
According to Dimond, the topping out is important for both the development team and the community. “We have believed in the potential of this community from the beginning,” she said, describing Tula as an anchor for the neighborhood. With the structure now complete, Dimond said the building’s design and the lifestyle envisioned for residents are beginning to take shape.
The project is also moving forward as North Bay Village enters a new wave of residential development. Tula is among several towers planned or under construction across the small island municipality, where new projects are beginning to change a skyline that has remained relatively low-rise for much of its history.
Sales have also continued to build, which developers largely credit to their marketing team. Compass Development Marketing Group has joined Brown Harris Stevens as co-listing broker. Philip Freedman, Senior Managing Director of Sales, said buyers are increasingly looking for waterfront homes that offer privacy while remaining close to Miami and Miami Beach. With the tower now topped out, he said prospective buyers can get a clearer sense of the finished building and what will set Tula apart in the Miami condominium market.
Tula will contain 54 luxury residences ranging from two to five bedrooms, with six penthouses occupying the upper three floors. Standard residences will range from roughly 1,590 to 2,440 square feet, while the penthouses will span about 3,700 to 4,140 square feet. Prices start below $2 million. Every residence will occupy a corner of the building, giving each unit views of Biscayne Bay and the Miami skyline.
The amenity package will be spread across the building, with the sixth floor dedicated to much of the project’s wellness and social space. A resort-style pool will sit on a landscaped deck facing the bay and skyline, with lounges and private cabanas surrounding it. Inside, residents will have access to a 2,400-square-foot fitness center, a private dining room, and the Skyline Club Room for private events (among other amenities)
Designed by M77R, the tower will feature a white stucco facade, floor-to-ceiling windows and glass balconies, with a covered podium containing 126 parking spaces. The project is expected to be completed in 2028, making Tula one of several new residential towers set to reshape North Bay Village’s skyline.