Property values explode as high-rise condominium and luxury apartment projects are launched in Edgewater, Miami’s next hip and trendy district. The rapid boom-like transformation of the area comes as yet another sign of Miami’s real estate market recharged and on the rise.
What once used to be a neighborhood to avoid is now one of the most sought-after areas boasting the close proximity to the artsy Wynwood and the posh Design District. Edgewater loosely borders on Northeast 17th Street in the south and the Julia Tuttle Causeway at 36th Street in the north. Throughout the area restaurants and shops are opening on every corner, crowds grow and look ever trendier.
It is, however, the waterfront location with unobstructed views of Biscayne Bay that is rapidly becoming such a scarcity in Miami that draws developers, real estate investors and, ultimately, buyers to Edgewater. The permissive zoning allowing for high-rise buildings is a cherry on top.
With Brickell and Downtown Miami residential lots mostly developed and built out, Edgewater has now become an attractive deal with its spectacular views of Biscayne Bay at a lower price.
REAL ESTATE BOOM IN EDGEWATER
In April 2013 the Related Group broke ground on luxury condo Icon Bay at 428 Northeast 28th Street in Edgewater. Pre-sales started in September 2012 and according to Carlos Rosso, president of condo development for Related, the building “is basically sold out.”
Another company with ambitious plans for luxury real estate in Edgewater includes New York-based real estate firm GTIS Partners that together with West Palm Beach-based Eastview Development are contemplating a 42-story, 394-unit condo tower on a 2.65-acre site between 29th and 30th streets they acquired in March 2013.
According to Miami Herald, there is also the Melo Group with its seven condo projects across a roughly four-block radius. In September, they plan to break ground on Bay House, a condominium with 36 floors and 164 exclusive residences at 600 NE 27th St., a one-acre site purchased last year for $5.5 million. Units will range from about $500,000 to about $1.5 million.
This hyper-activity comes as no surprise since foreign investors are willing to pay 50 percent or more of the price for a pre-construction condominium near the water in South Florida.