A major development milestone has just taken shape in North Miami Beach. Safe Harbor Equity, a Miami-based real estate private equity and distressed-debt investment firm, has officially emerged as the winning bidder for the property formerly slated for the Sky Garden high-rise project. The property, which had been approved for a 20-story mixed-use residential development, will now transition into new ownership after an extended bankruptcy process. The Real Deal+1
What Happened
The nearly one-acre parcel at 16300 Northeast 19th Avenue had been poised for redevelopment as Sky Gardens Residences—a 354-unit apartment tower with retail space—following city approval several years ago. However, the development stalled before construction began, and the project’s sponsor ultimately filed for Chapter 11 bankruptcy earlier this year. The Real Deal
After a lengthy legal and financial process, a federal bankruptcy judge approved the transfer of the asset to Safe Harbor Equity’s distressed debt fund earlier this month. According to local real estate press coverage, the scheduled auction was canceled due to a lack of qualified bidders, and Safe Harbor now holds the property through a credit bid that cleared the remaining lien position. The Real Deal+1
For a deeper overview of how the Sky Garden financing dispute unfolded, see the coverage by The Real Deal:
The Real Deal: Safe Harbor Takes Over North Miami Beach Development Site, which details the bankruptcy court approval and transition of ownership. The Real Deal
Who Is Safe Harbor Equity
Safe Harbor Equity is a Miami-based real estate investment firm specializing in non-performing mortgage acquisitions, defaulted debt instruments, and distressed real estate assets. Their strategy focuses on acquiring and managing troubled commercial property debt and restructuring or resolving workouts in ways that protect investor capital. CB Insights
For additional background on the firm and its investment approach, visit Safe Harbor Equity’s profile here:
Safe Harbor Equity Company Profile — a summary of the firm’s focus on distressed real estate and private credit. CB Insights
What This Means for the Site and the Market
The outcome represents a broader trend in South Florida development: when large entitlement projects encounter financial stress, well-capitalized debt investors are positioned to step in and take control of entitled assets. While details of Safe Harbor’s plans have not been released publicly, the change in ownership creates an opportunity for the property to be repositioned or resold to a developer with the capital and appetite to realize a revised vision. The Real Deal
Local developers and capital partners will be watching this transition closely, as it underscores how entitled land continues to hold strategic value even when prior sponsors encounter financing or execution challenges.
Looking Ahead
As the North Miami Beach submarket continues to evolve, the repurposing of key entitled sites like this one will play a role in shaping future multifamily and mixed-use development activity. The transition of this asset to Safe Harbor Equity highlights the dynamic interplay between development risk, debt markets, and structural capital in today’s real estate landscape.
If you’re interested in periodic updates on this site or analysis on similar redevelopment transactions, bookmark our Market Insights section or contact the Savloff Real Estate Group team.
