Despite warning signs of overbuilding in Miami’s condo market, developers are still filing plans for new projects in the burgeoning Edgewater neighborhood.
In the latest round of projects up for city review, an investment group has sent in plans to build a boutique 34-unit residential tower in Edgewater called Ellipsis.
Designed by Kobi Karp, the project would stand 13 stories tall at 708 Northeast 26th Street directly behind the existing Onyx on the Bay condo tower. Renderings show units in the building would enjoy the usual modern accouterments: floor-to-ceiling windows, a ninth-floor pool deck, fitness center and a pair of private rooftop dining areas. The building as a whole would measure 79,998 square feet.
How Ellipsis stacks up to Onyx on the Bay
Ellipsis is planned for a roughly 10,000-square-foot lot that a company called One World Miami Realty assembled late last year for a total of $1.57 million, according to county records. The company is managed by Shamsuddin Lalani, who also runs a firm named Lalani Developers.
Units in the building would start at 756 square feet for a one-bedroom and range up to 1,368 square feet for two bedrooms.
The developer’s plans are slated to go before Miami’s Urban Development Review Board on Thursday.
Edgewater, once a neighborhood almost entirely made up of single-family homes and small apartment buildings, has exploded with development this cycle as builders seek out cheaper waterfront land outside of Miami Beach and downtown Miami. However, a buildup of supply from all the new development has brought into question how long the neighborhood’s building boom can last.