The Real Deal Miami

Spider lists Edgewater site for $7M after axing condo project

Developer canceled plans for 27-story, 54-unit building at 50% presold
By Keith Larsen | June 20, 2018 03:30PM

Andrés Goldenberg, principal at Spider Investments and rendering of Spark

Spider Investments just listed the site of Spark, a canceled condo project in Edgewater, for $7 million.

Spider, led by Andres Goldenberg and Alejandro Eskenazi, is one of a handful of developers in South Florida to list the sites of their now-defunct projects. Among other developers’ projects are the former Flagler 626 property in Fort Lauderdale’s Flagler Village and the Boulevard 57 site in Miami.

Spider launched sales for Spark, a 27-story, 54-unit condo building at 522 Northeast 34th Street, in 2015.  The developer canceled plans for the project after reaching 50 percent in presales, and returned buyers’ deposits, according to Marcus & Millichap’s Alex Zylberglait.

Zylberglait and Ryan Shaw, also of Marcus & Millichap, are listing the 16,500-square-foot shovel-ready site. With 88,582 sellable square feet, the property is asking about $79 per buildable square foot. Approved plans for the property include retail on the ground floor, four levels of parking and a recreation level with a pool on the sixth floor.

Spark included two penthouses and a sky terrace, with units ranging from 955 square feet to nearly 1,900 square feet. According to marketing materials, the estimated construction cost for the approved project is $29.6 million and the total cost is $36.6 million. The projected gross revenue is $52.7 million, with a projected profit of about $11.4 million.

Property records show the developers paid $3.55 million for the three lots at 522, 526 and 530 Northeast 34th Street in 2014.

Goldenberg and Eskenazi have invested in the company and also have South American backers. The developer recently converted another Edgewater project, 25 Edgewater, from condos to rentals, according to the ISG Miami Report released in April. 

Spider could not immediately be reached for comment.