While concerns of oversupply are percolating through Miami’s condo market, Spider is plowing forward with its Spark condo tower in Edgewater.
The developer recently hosted a groundbreaking party for its 56-unit project, which was attended by city officials, brokers and members of the development team.
Spider has so far sold 40 percent of its units with prices starting at $500,000. Units are sized between 955 square feet and 1,800 square feet, the largest residence being Spark’s penthouse measuring 3,925 square feet. Construction is expected to finish in the first quarter of 2018.
Its development site at 522 Northeast 34th Street was assembled by Spider for $3.55 million in 2014, according to county records.
Spark is one of many new condo towers popping up throughout Edgewater, with developers like the Related Group and Two Roads Development eating up swaths of waterfront land to erect luxury buildings. A recent report from brokerage ISG showed 13 projects were selling units as of the second quarter totaling just over 2,800 condos, 85 percent of which were sold. — Sean Stewart-Muniz and Katherine Kallergis