“Our plans are to do something that’s very one-of-a-kind,” said David Martin, chief operating officer of Terra Group, which bought the property last summer for $24 million. “We wanted to really build something that people felt they could be proud of.”

For the first time since the purchase, Martin provided details on the company’s plans for the site. After a gradual decline, the Grand Bay has been shuttered for nearly four years, collecting mold, graffiti and pigeon droppings.

While full details of the new project are still to come, here’s what is known:

The building will be 20 stories high with about 96 units, all residential.

Lead design is by Bjarke Ingels Group, or BIG, which has made waves for high-profile projects near Copenhagen and in China, New York City and Utah. Ingels, a 30-something “starchitect” in-the-making, was named Innovator of the Year in Architecture by the Wall Street Journal’s magazine.

Raymond Jungles, the landscape architect who designed the grounds at 1111 Lincoln Road and the New World Symphony’s rooftop garden, will handle the outdoor space. And rounding out what Martin called a “design dream team” is Coral Gables architecture firm Nichols Brosch Wurst Wolfe and Associates, which has worked on Miami-area residential projects and hotels for years — including the original Grand Bay.

Developed by the late Sherwood “Woody” Weiser and Donald Lefton of The Continental Companies for $30 million, the hotel opened in 1983 in an area transitioning from artsy-hippie enclave and cocaine-cowboy hangout to major tourist destination. The 200-roomGrand Bay, at 2669 S. Bayshore Dr., was immediately hailed for its pyramid-shaped structure, its pristine service and its draw for jetsetters, especially Regine’s nightclub, which sat atop the hotel. The eponymous nightclub queen operated party spots around the world but chose the Grand Bay as only her second U.S. location.“I called it Fantasyland,” said Terry Zarikian, who worked there for 10 years in jobs including public relations director for Regine’s.“It was filled with celebrities. It was very, very classy, very chic.”