The Real Deal Miami

This is how Edgewater got its edge

Related Group’s decision to build sparked other developers
October 31, 2014 04:30PM

Rendering of Icon Bay

Rendering of Icon Bay

If it seems like Edgewater went from being on the fringe to the city’s newest hot neighborhood in the blink of an eye, there’s likely one major developer to thank.

An article in the New York Post this week detailed the impact of Jorge Pérez’s announcement in 2012 that the Related Group would build a luxury condo tower, the 40-story, 300-unit Icon Bay, in what was at the time a blighted neighborhood.

Related’s announcement made other developers take notice. The article describes how Stephan Gietl, principal of Mckafka Development, changed his plan for a modest rental building there into something more upscale, The Crimson.

Now Edgewater is in fashion. All but 16 of the Crimson’s 90 units have sold and Icon Bay is sold out, the Post noted. [NYP]