The revival of construction in Edgewater is turning a once-blighted Miami neighborhood into the next hip spot, the Miami Herald reported. As property values steadily climb, developers have been launching several high-rise condominium and apartment projects.
The bayfront neighborhood, offering views of Biscayne Bay, unofficially spans Northeast 17th Street north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks. Developers are drawn to the permissive zoning that allows for high-rise buildings, and the proximity to the also trendy Wynwood and the Design District.
Restaurants and shops are popping up, and longtime drug hangout Margaret Pace Park cleaned up its act.
The Related Group broke ground last month on luxury condo Icon Bay at 428 Northeast 28th Street. Pre-sales started last September and the building “is basically sold out,” Carlos Rosso of Related told the Herald.
New York-based real estate private-equity firm GTIS Partners and West Palm Beach-based Eastview Development are planning a 42-story, 394-unit condo tower on a 2.65-acre site between 29th and 30th streets they bought in March. The Melo Group has lined up seven condo projects across a roughly four-block radius. [Miami Herald] –Mark Maurer