Jorge Perez’s newest residential baby, Edgewater’s Element condo project, has recently received a new name and a proposed third tower. A move making it the second-largest condo project in the city. The newly dubbed Paraiso Bay (a mixing of English and Spanish) could now be building a third tower to the initial two-tower project, bringing the total unit count from 700 to 1,000. The Urban Design Review Board has already given its approval to the project, however, Related’s desire to close 31st Street will require the permission of the entire city commission.
The original plans included two 55-story towers housing approximately 700 units, though early marketing materials already suggested plans for a third tower on the northeast corner of the site. The project is also notable given its size. Residential projects have not risen to the 400-unit mark since before the real estate bubble burst in 2007.
Even then, Related Group was building ultra-dense residences such as the Icon Brickell with its 1,800 units. Now, the project recently known as Element would be the second biggest planned in the city, second only to the 1,274-unit Brickell CityCentre. The Arquitectonica designed buildings will offer residences with one to four bedrooms, plus penthouses. Pricing on the first tower are expected to start at an average $525 per square foot.
Notably, building designers have placed the buildings on either side of the 31st Street corridor in order to preserve the street, specifically against Related’s wishes. Though the only sacrifice would be deck and pedestal space. The 4.6-acre site was purchased this past April for $29 million, over twice as much as its asking price in February 2012.