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Ian Bruce Eichner’s Continuum Company completed the buyout of an old, waterfront condo building in North Miami, Fla., with plans to redevelop it into a luxury property.

Built in 1981, the Mariners Bay Condominium sits on a 4.3-acre site at 12000 North Bayshore Drive, overlooking Biscayne Bay, near Bay Harbor Islands and Bal Harbour. The complex includes 46 units.