Another Waterfront Edgewater Development Site Sold

Another Waterfront Edgewater Development Site Sold

Aug 03, 2021 August 03, 2021

In another recent development deal, a coveted waterfront parcel and two other lots were sold in Miami’s popular Edgewater neighborhood. The purchase includes a total of about 26,880 square feet, including a waterfront strip along Biscayne Bay, located north of the Icon Bay Condo and south of the Biscayne Beach condo tower in Edgewater. 

The three-lot assemblage, which is zoned T6-36a-L, was purchased by Edgewater Owner LLC, a New York-based firm led by investor Joseph Stern, for a total of $12.2 million for future development. The zoning allows for the owner to build condos, hotel rooms, or multi-family up to 36 stories depending on lot size.

Photo courtesy of Google Maps


The largest of the three properties is a 14,280 square-foot lot located at 456 N.E. 29th Street and purchased for $4.9 million from Whitelight Group LLC,  a firm led by Augusto Franchino in Miami. This lot was traded previously for $1.35 million in 2012. The other two lots are each 6,300 square feet, and are located at 480 N.E. 29th Street, which has a structure built in 1940, and the vacant waterfront lot 496 N.E. 29th Street, respectively. The assembled property is between
Moon Bay, built in 2007 and housing 62 waterfront units, and the parking garage entrance to the 40-story Icon Bay Condo, built in 2015.

Edgewater Owner LLC secured an $11.5 million mortgage from lender Ladder Capital Finance for the three combined properties.


Edgewater is Booming 

This deal is the latest in a development boom happening in Edgewater and Miami, which have been rapidly growing in recent years, particularly for waterfront properties along Biscayne Bay. Over a dozen new condo projects in Miami have emerged so far in 2021, with others on the horizon. With most of the area’s empty lots and premium waterfront parcels sold out, many developers and investors are showing interest in older buildings with great potential.

Bay Park Towers

Bay Park Towers


Edgewater’s
Bay Park Towers was purchased by Beach Hill Capital Partners earlier this year as part of a $130 million bulk buyout deal. The assemblage included the 14-story, 254-unit waterfront condo complex located at 3301 NE 5th Avenue, which was built with plenty of Bay frontage back in 1961 and recently updated in 2019 to include a fitness center, bayfront pool, entertainment center, and tennis court.  The building also has one of the area’s largest surface parking lots.


Another commercial assemblage, located at 3333 Biscayne Boulevard in Edgewater was also
recently listed with a price tag of close to $50 million. This assemblage spans 2.8 acres and stretches from Biscayne Boulevard to Northeast Fifth Avenue, on the block between Northeast 33rd and 34 streets, and includes a commercial building and 54 apartment units. According to property records, the assemblage consists of 11 parcels on the eastern side of Biscayne Boulevard, including a commercial building that houses a Wendy’s, and 54 multifamily residential units. The site has the potential to be developed into a 36-story tower, or a high-rise with as many as 60-stories, and also includes extra bonuses. The site is cleared for construction of some 417 residential units along with an additional 2 million square feet of new construction. It’s also cleared for residential, office, retail, and hospitality use.

Nema - Artists Rendering


Other developments in Edgewater include the
recently announced twin tower project Aria Reserve on 500 linear feet of bay frontage, and the Hamilton on the Bay tower located at 34th Street, which was purchased by multi-family developer Aimco Properties for almost $90 million in August of 2020. And Nema, a luxury apartment project from Crescent Heights, is planning to break ground in the coming months on its mixed-use, 38-story tower at 2900 Biscayne Boulevard, including a grocery store.



If you’re interested in investing in a bulk buyout or assemblage property purchase, please call, text, or email us to have a local real estate expert advise and guide you. 



LET'S GET SOCIAL!
Connect with us on Instagram and Youtube.



Contributor
Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

New Emotional Support Animal (ESA) Law Florida: Complete Condo Guide
Opinions and Advice New Emotional Support Animal (ESA) Law Florida: Complete Condo Guide
Finding and moving to a new home can be a strenuous experience, even when you like the change you’re making. This is more so when you have an emotional condition or disability and part of your treatment involves having an Emotional Support Animal (ESA). In this case, finding a new home comes with a whole new set of challenges only you and your furry friend can know. And no one needs the added fear and stress of possibly being denied housing or being discriminated against for owning an ESA. Thankfully, a new Florida law on emotional support animals that went into effect July 1, 2020, explicitly states what you and your current/prospective landlord or HOA can and cannot do regarding Emotional Service Animals. The law applies to all condos, apartments, and rental homes. Photo courtesy of Oleg Ivanov Here’s how the 2020 Florida ESA law empowers both sides:  — ESA Rules: What a Florida Landlord Can & Cannot Do A Florida landlord cannot deny housing for a disability or...
New Construction Miami Condos You Can Move Into in 2024
Real Estate News New Construction Miami Condos You Can Move Into in 2024
It’s no secret that we are in the middle of a major building boom and there are quite a few new developments in Miami opening in 2024 that you’ll be able to move into. So, if you love being the first to turn the key on your crisp new luxury condo, keep reading. (Psst, we also have a bonus list of all the condos you can expect to move into in 2025 at the end!)  With about 100 new pre-construction condos (and counting) in the pipeline since 2021, Miami developers have been on the fast track to deliver on the growing demand for luxury condos in the Magic City, especially condos on the water or condo buildings with water views. Even as most of the global housing market showed signs of a slowdown these past few years, Miami’s luxury condo market has witnessed sustainable growth. Following the business migration trends that started somewhere around 2020, we’ve seen a continued influx of international wealth, families, C-suite executives, and other top earners and investors moving to our...
The Ultimate Expat Guide to Moving to Miami
Lifestyle The Ultimate Expat Guide to Moving to Miami
Ever thought about grabbing your passport and moving to Miami? You wouldn’t be the first to be drawn to this tropical metropolis. It’s a place with a rich history, diverse culture, and spearheading innovation. Also known as the Magic City, it’s the only major city in the US to be founded by a woman, and it proudly claims the origin of sunscreen and the ATM! It’s no secret that Miami is a great choice for expats in pursuit of new opportunities. Its appeal is truly worldwide, attracting people from Latin America, Europe, and beyond. Proof of this is that the city was the most popular destination for people born outside of the U.S., attracting 54,500 new residents in 2023, the most out of anywhere in the country. This diversity is evident everywhere, from the vibrant neighborhoods and incredible food scene to its dynamic business, art and hospitality sectors. Living in Miami offers a global lifestyle with a very local flavor, full of opportunities to grow and explore. So, if you’re...
The Most Luxurious Condo Buildings in South Beach
Opinions and Advice The Most Luxurious Condo Buildings in South Beach
Situated at the southern tip of Miami Beach, South Beach continues to command its status as a premier global destination, attracting discerning individuals from around the world. Developers have meticulously crafted luxury condos in South Beach that appeal to people from every international location, whether for business, favorable tax environments, seasonal escapes from winter weather, or the cultural richness exemplified during events such as Art Basel and the South Beach Food and Wine Festival. Whatever the reason, there is significant investment potential for condos in Miami, specifically South Beach, as well as a proven superior quality of life. Below is our list of the 5 Most Luxurious South Beach Miami condos (or the 5 Most Expensive Condos in South Beach) based on the average listing price per square foot at the time of publishing, as well as some other favorites to note. But first, let’s start with an overview of what makes South Beach so special. Last updated: March 15,...
The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Video Blog The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Brickell, the Wall Street of the South, one of the most desirable Miami neighborhoods for international business professionals and families alike, is synonymous with innovation, a luxury lifestyle and original ideas. This time, the Brickell spirit is embodied in the fantastic new pre construction condominium — The Residences at 1428 Brickell.  In our latest video, Stephanie Bienstock, our director of Luxury Sales, visited the newly opened sales gallery to talk with Jennifer Behar Cervera about what makes The Residences at 1428 Brickell unlike any new residential development coming to Brickell, Miami. Join us as we learn about the project’s six driving forces — detail, craftsmanship, architecture, nature, privacy, and innovation — and tour the sales gallery to see all the finishes and details up close.     — What You Can Expect at The Residences at 1428 Brickell, Miami  If you care about the environment and love leaning into Italian design, then the first-ever solar-powered...
February 2024: Miami New Development and Pre-Construction Condo Update
Real Estate News February 2024: Miami New Development and Pre-Construction Condo Update
Miami’s pre-construction market buzzed in February with many newsworthy events throughout the city. The much-awaited Bentley Residences, Cipriani Residences, and Indian Creek Residences and Yacht Club all broke ground this month. And Brickell’s Mercedes-Benz Places, Key Biscayne’s Key Cassa, and Sunny Isles’ St. Regis' second tower launched sales.  Also, developers accelerated construction efforts for several luxury condo projects including Una Residences, 501 First, St. Regis Brickell, and more. Read on for details on these and more exciting updates in our monthly Miami pre-construction condo market roundup for February 2024: Launched Sales Mercedes-Benz Places – Brickell St. Regis Residences (North Tower) – Sunny Isles Beach Key Cassa – Key Biscayne New Sales Gallery Bay Harbor Towers – Bay Harbor Islands Broke Ground Cipriani Residences – Brickell Indian Creek Residences and Yacht Club – Bay Harbor Islands Bentley Residences – Sunny Isles...