Bay Harbor Islands, Fla., has a population of less than 6,000, which makes it easy to miss on a map. Regency Development Group hasn’t missed it. Since 2020, the developer has built residential projects in the coastal community near Surfside, Indian Creek and Bal Harbour, and it now has four active projects on the island: the 33-unit La Maré Regency, the nine-unit La Maré Signature and the 20-unit Bay Harbor Villas.
Michael Troyanovsky, managing partner and vice president of the family company, spoke with Commercial Observer about why the firm focused on this particular submarket and how it’s adapting to what buyers actually want. The conversation has been edited for length and clarity.
Why a tiny island drew a developer’s attention
Troyanovsky said the company looked at other hot spots when it started buying in Bay Harbor, but the island felt different. “We came to the area, and we really felt like it had the most potential. It was always overlooked. It’s honestly the most amazing hidden gem,” he said. “It’s surrounded by the most beautiful waters, a little nook in the center of Miami. It’s getting more and more discovered.”
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The firm has since opened a large sales office on the island and works closely with local government on approvals. That integration matters, Troyanovsky said, because the projects need to fit the neighborhood and its demographic.
It’s a familiar pattern for developers who move into quieter enclaves. The ones who succeed tend to treat local resistance as a design constraint rather than an obstacle, and Regency appears to be doing exactly that.
Buyers want smaller buildings, not bigger ones
The target buyer is a mix, but the common thread is a desire for boutique living. “Everyone wants privacy, and they want boutique living,” Troyanovsky said. Some clients are empty nesters leaving single-family homes who don’t want to give up that privacy. Others are coming from large condo towers with 150 to 200 units and want out.
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Units in Regency’s Bay Harbor projects range from about $2 million to $10 million, with sizes around 1,800 to 2,000 square feet. That range has held up, but the company did have to adjust its thinking on unit layouts.
Originally, Regency planned two‑bedrooms at 1,500 square feet and four‑bedrooms up to 4,500 square feet. Buyers started combining units to make them even larger, which the company didn’t anticipate. “That was a big learning curve for us, that people are moving to Bay Harbor with larger families,” Troyanovsky said. Future projects will include the ability to customize and combine units from the start.
Construction noise in a quiet neighborhood
The biggest challenge isn’t financing or sales. It’s disruption. Bay Harbor is a quiet, family‑oriented community, and construction creates noise and daily disturbance. “You have to really be patient as you’re developing,” Troyanovsky said.
