Crimson construction begins in Edgewater

Developer targeting young professionals, investors as condo buyers

Jan.January 23, 2014 09:45 AM

One of numerous developers building a condo tower in Miami’s Edgewater neighborhood, mckafka Development Group is targeting young professional buyers seeking a “different lifestyle” for its Crimson project.

The Real Deal attended Wednesday’s groundbreaking ceremony for The Crimson, a luxury waterfront development at 601 Northeast 27th Street. Mckafka’s Stephan Gietl and Fernando Levy Hara hosted the event. Guests included Miami Mayor Tomas Regalado, city commissioners Marc Sarnoff and Keon Hardemon and several representatives from ISG World, which is handling sales at the project.

The Crimson is designed as a high-tech condo building that caters to young professionals, which in turn could generate interest from investors. The building only includes 90 units, while surrounding projects have between 150 and 300 condos.

“It’s a different lifestyle you’re buying into,” Gietl told The Real Deal. He described the project as “intelligent luxury,” with unit designs that are “very detailed, focused and high-quality.”

Designed with European elements, The Crimson emphasizes both style and functionality, according to Gietl. Residents can choose from one, two or three-bedroom layouts, as well as six penthouses and townhome designs. Other project amenities include a cyber café, electric car charging stations and a zen room.

Mckafka has received LEED Gold certification for The Crimson, Hara told The Real Deal. It is the first Edgewater development to receive that designation.

The company incorporated features it hopes would benefit the public, including a waterfront promenade and fountain, according to Hara.

“Edgewater is now the hot spot in Miami,” Hara said.

The Edgewater neighborhood stretches from Northeast 17th to 37th streets. There are currently 10 condo towers currently proposed for the area, including Related’s Paraiso Bay, Melo Group’s Bay House and Eastview Development’s Biscayne Beach.

“Edgewater will be the next Wynwood or Midtown,” Regalado said during the ceremony.

Mckafka acquired the future Crimson site through a foreclosure auction. Inspiration for the name came from the colors associated with Harvard University, where Gietl and Hara first met.

The Crimson’s groundbreaking was one of three held on Wednesday, underscoring Miami’s current state of rapid growth. Developers of the Bond at Brickell and SLS Brickell also kicked off construction.

Mckafka expects The Crimson to be completed by the second quarter of 2015.

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