EdgeWater's Turn to Continue the Resurgence of Condo Construction in Miami

Edgewater is beginning to shine with its own light not any more under the reflection of Downtown. Brickell and downtown, where the resurgence of condo construction began after the crash, are nearly built out. But Edgewater has land for projects that can provide spectacular views of Biscayne Bay at a lower price. Edgewater’s big draw, of course, is the bayfront. Edgewater’s layout works well for high-rise condos. Running parallel to the bay is the major thoroughfare of Biscayne Boulevard with shops and restaurants.

The revival of construction — which sputtered during the real-estate crash — is poised finally to remake the character of the once-blighted city neighborhood, which unofficially stretches from Northeast 17th Street north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks. (Some draw the western line at Biscayne Boulevard.)

“Edgewater has become one of the hippest, most chic places to live, driven by its proximity to the Design District and Midtown. It’s a place people want to be,” said Jaret Turkell, a director with HFF, which recently brokered the sale of 4.5 acres of bayfront property to Jorge Pérez’s Related Group and a partner. Miami-based Related paid $29 million for the prime site at Northeast 31st Street, land that sold in 2012 for $11.5 million. Related plans to erect a high-rise condominium on the spot, where plans to build in the last boom were scuttled.

Separately, Related broke ground a few weeks ago on Icon Bay, a luxury condominium at 428 NE 28th St. Related launched pre-sales of units last September and “is basically sold out,” said Carlos Rosso, president of condo development for Related. Developers continue to bask in robust demand from foreigners willing to pony up 50 percent or more of the price for a pre-construction condominium near the water in South Florida. “We’re looking at a couple more deals in the area. We have sites under contract. The views of the water are something in really high demand. It’s something everyone wants and expects in Miami,” Rosso said.

With such great demand one can only hope High-rise condos are built taller so every interested customer has the opportunity to own his place by the beach. * Notes taken from the Miami Herald.

For Reservation please contact me at 954.254.6085 or email me atJuanSolerRealtor@gmail.com Time is always of the essence but much more in Pre-construction. Don't miss this window of Opportunity!

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com