The Real Deal Miami

Related proposes removing street for condos

Waterfront park would join site of twin 55-story towers in Edgewater
July 09, 2013 03:00PM


Rendering of Element towers in Miami’s Edgewater neighborhood

In order to construct twin 55-story condominium towers in Edgewater, Related Group is calling for the permanent closure of Northeast 31st Street, according to plans cited by exMiami.

The developer says it will turn the street into a park along Biscayne Bay that visitors can access from Northeast 32nd Street, in the largely residential Miami neighborhood. Miami-based architecture firm Arquitectonica is designing the 550-foot structures, to be known as Element, the report said.

Both buildings will have five floors of parking and condominiums starting on the sixth floor. The first tower will have 358 condos and 595 parking spots, while the second will have 342 condos and 529 parking spots, the website said. Some of the parking, however, will be underground.

Blueprints show the western façade of each tower and most of the parking garage will feature stucco, exMiami said.

Related, led by real estate power broker Jorge Pérez, paid $29 million in April for the waterfront site, which was sold last year for $11 million, as previously reported. [exMiami]Mark Maurer