AIMCO Buys Edgewater Apartment Tower for Redevelopment
Aug 28, 2020 August 28, 2020
Edgewater just keeps growing… As more and more people find this bayfront neighborhood perfect for Miami living, Edgewater real estate deals keep happening. The latest Miami real estate deal in the area saw luxury apartment REIT AIMCO buying the iconic The Hamilton Bay Tower, a 4.4-acre multifamily property overlooking Biscayne Bay.
The Hamilton Bay rises among the numerous new condo and apartment towers that have been erected in Edgewater during this real estate cycle. Edgewater, with its close proximity to Midtown Miami, Wynwood, the Design District, and Downtown Miami, boasts properties with beautiful bay views and the highly sought-after factor of walkability.
The neighborhood has attracted the interest of several condo developers in the area, including the Related Group, Melo Group, OKO Group, and Two Roads Development, all of whom have invested in projects in this charming and desirable bayfront Miami neighborhood. Last month, luxury development company Crescent Heights also announced plans to bring their uber luxe NEMA apartment brand to Edgewater.
Crescent Heights bringing the NEMA brand to Edgewater - Ph: Arquitectonica
The seller, Properties of Hamilton, is affiliated with the family of Ted Arison, founder of Carnival Cruise Line. The 28-story tower, originally built by Arison in 1984, was designed with a nautical theme in the form of a ship. The building includes 265 condo units, ranging from one to three bedrooms and from 1,036 to 2,022 square feet, in addition to seven penthouse units and 416 parking spaces.
The deal included the tower, located at 555 Northeast 34th Street, as well as two other parcels - the vacant lot across the street from it at 640 Northeast 34th Street, and an adjacent four-unit apartment building at 630 Northeast 34th Street, for a total of 275 units. No sales price has been made public, but a whisper price of $120 million has been reported.
While future plans have not been released yet, because the Edgewater properties are zoned as T6-36, AIMCO can legally construct 89 additional units on the land. AIMCO, which also owns the recently renovated South Beach Flamingo complex as well as the Yacht Club at Brickell, plans to manage the building.
The Hamilton Bay was originally developed as a condominium tower but was later converted to a rental apartment building. Properties of Hamilton owned the tower, while the other two lots were owned by POH LLC and 630 QUOD LLC. All three companies are listed under an address in Coral Gables that is associated with the Arison family.