A firm led by developer Ari Pearl filed plans to demolish a waterfront condo in Bay Harbor Islands and replace it with a luxury condo.

The town’s Development Review Committee on Sept. 13 will consider plans for the project on the 1.03-acre site at 10143 East Bay Harbor Drive. It currently has a 30-unit condo, called the Bay Harbor Towers, that was built in 1956.

PPG BHT Owner LLC, managed by Pearl of Hallandale Beach-based PPG Development, bought out the individual condo owners for a combined $32 million in August. L3C Capital, led by Jonathan Leifer, is Pearl’s partner in the deal. They plan to terminate the condo association so the building can be demolished.

The new condo would rise nine stories with 44 units and 88 parking spaces. It would total 210,160 square feet, including 140,454 square feet of residential space for sale, an average of 3,192 square feet per unit.

The condos would range from 2,056 to 5,439 square feet. Four units would come with private rooftop pools. Another two units would have semi-private pools on the second floor.

Common amenities would include a pool facing Biscayne Bay and a dock with new boat slips.

Miami-based Kobi Karp Architecture designed the project.

Pearl said the building will have a “distinct, cutting-edge look”.

“We wanted to focus more of the architectural features being in the front of the building where most of the Bay Harbor residents will be able to see it and appreciate them,” Pearl said. “We ended up with a building that is stunning on all four sides.”

Pearl said he’s encouraged by the strong sales of new condos by other developers in Bay Harbor Islands, such as the La Baia and the Onda.

Nearly 500 residential units are under construction or proposed in Bay Harbor Islands as developers flock to the town with boutique projects. It has become a popular place for wealthy people to live, as it’s close to Bal Harbour and Miami Beach, but has a quieter lifestyle.

This also continues the trend of condo termination and redevelopment. There’s been a crackdown on unfunded maintenance for condo associations since the collapse of the Champlain Towers South in Surfside in 2021. When faced with heightened costs for setting aside reserves to make repairs, some owners of older condos would rather sell in bulk for above-market value than shell out more money to their condo association.