Edgewater: Miami’s Newest Chic Neighborhood

The Edgewater District, a once-blighted bayfront neighborhood, is quickly becoming a chic residential destination, attracting developers and residents alike. The revival of Edgewater has been driven in large part to its proximity to the Design District and Midtown, however the big draw, of course, is the bayfront. Unofficially, the district is bounded by Northeast 17th Street to the south, stretching north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks west of Biscayne Boulevard.

Miami’s permissive zoning has allowed for the development of high-density mixed-use projects, leading to rapid gentrification of the area once inhabited exclusively by the homeless. Biscayne Boulevard, a major thoroughfare, runs through the center of the district, offering dining, shopping and other amenities, such as the Publix supermarket that recently opened in the area. Additionally, Margaret Pace Park offers bayfront outdoor amenities.

During the last two condo booms, Brickell and Downtown Miami have been nearly built out. Edgewater, however, still has developable land for projects that can offer bayfront views. As a result, developers have been purchasing parcels for the construction of residential towers, causing land prices to soar.

The Miami-based Related Group (“Related”) recently purchased 4.5 acres of bayfront property at Northeast 31st Street for $29 million, which previously sold in 2012 for $11.5 million. Additionally, Related has broken ground on Icon Bay, a luxury residential tower located at 428 Northeast 28th Street. Pre-sales of units, which were offered beginning in September 2012, have nearly sold out thanks in part to a large demand from foreign buyers willing to put down fifty percent (50%) or more of the price for pre-construction units.

AXA Developers and Strategic Properties Group recently purchased a 2-acre site at 545 Northeast 32nd Street for nearly $20 million with plans to build a condominium tower. The property was previously intended for a project called ICE, which was scuttled as a result of the market downturn. This is just one of a few properties given new life due to the sudden increase of development within Edgewater. In addition, Mckafka Development Group (“Mckafka”) foreclosed on a mortgage they held on 623 Northeast 27th Street. They acquired the note for this property nearly two years ago for $2.1 million. Mckafka developed plans to build a 90-unit building called The Crimson on this property, for which they are currently taking reservations.

The Melo Group (“Melo”), a family-run development firm, has been on the leading edge of the development of the Edgewater neighborhood. Melo has been buying land in Edgewater since 2001, and has already developed 10 rental and condo projects totaling 1,700 units, with land holdings sufficient for 2,800. Skyview, Melo’s most recent completed project is a 32-story, 258-unit apartment building located at 425 Northeast 22nd Street. Also, Melo is close to breaking ground on Bay House, a 36-story condominium tower with 164 units, located at 600 Northeast 27th Street on a 1-acre site purchased last year for $5.5 million. Melo also just obtained $22 million in financing for 26 Plaza Tower, a 12-story condominium project, located at 162 Northeast 25th Street, which broke ground last month.

With prices averaging between $450 – $550 per square foot in Downtown Miami and Brickell, buyers are finding it difficult to find a “deal”. Projects such as Bay House, The Crimson, Biscayne Beach, Paraiso Bay and Icon Bay are providing buyers the opportunity to buy brand-new construction starting under $400 per square foot WITH spectacular views of Biscayne Bay. Seeing where Edgewater is heading, securing a condo in one of these new towers now is like being able to “see ahead of the curve” with regards to future value. If you, or someone you know, are interested in purchasing a condo in Edgewater, please contact me. I appreciate the opportunity to earn your business.

Here are some additional photos of new condo towers in Edgewater:

Biscayne Beach Residences

Bay House Condos

The Crimson Residences

Paraiso Bay Residences

Icon Bay Condos