A group of developers, including some who were part of the One Thousand Museum team, completed their assemblage for a new waterfront condo tower in Edgewater called 729 Edge, The Real Deal has learned.
The developers acquired all units in a bulk purchase of a bayfront 50-year-old condo building called Harbor 29, according to Joel Rodriguez of Global Investments Realty, the broker involved in the deal.
Harbor 29, a five-story, 15-unit building at 710 Northeast 29th Street, was built in 1972. The developers also acquired the 10-unit apartment building next door, at 530 Northeast 29th Street. The 16 sales occurred on Thursday and totaled about $22 million.
A company led Rommey Bahhur, who is CEO of Vitel Mobile, sold the Edgewater apartment building, records show.
Developers are increasingly pursuing older buildings in the wake of the Surfside collapse, though this deal has been in the works since long before the June 2021 tragedy. Older properties require more upkeep that unit owners may not be able to afford. At the same time, there is little to no undeveloped waterfront land left along the bay and oceanfront.
A partnership led by Michael Konig, Alex Posth, and One Thousand Museum developers Kevin Venger and Louis Birdman, plans to develop 729 Edge on the Edgewater assemblage. This month, broker Rodriguez and his wife, Michelle, who are also investors, sold properties across the street to the developers for $6 million, where they will build a parking garage with a rooftop amenity space.
The planned condo development, designed by ODP Architecture & Design, will be 649-feet tall with 70 units. Like One Thousand Museum, the building will have a helipad on the roof. It will also have about 13,000 square feet of retail space and 160 parking spaces on site. The city of Miami’s Urban Development Review Board approved plans for the project last year.
Edgewater, north of downtown Miami, has attracted major investors and developers. Just south of the 729 Edge site is Missoni Baia, a 57-story, 249-unit luxury condo high-rise under construction, developed by Vlad Doronin’s OKO Group.
Last summer, Melo Group launched sales of the first tower at Aria Reserve Miami, a planned two-tower development at 711 Northeast 23rd Terrace in Edgewater that will have 800 condos combined.
Away from the water, Kushner Companies and PTM Partners recently closed on the missing piece of their development site for three apartment towers in an Edgewater Opportunity Zone, a deal that had been in the works for Kushner for nearly three years.
Fifteen Group also sold a historic church in Edgewater for $20 million to a trio of developers that plan a mixed-use project on the site.
And in a separate deal, Chicago-based Trilogy Real Estate Group closed on an assemblage in the neighborhood for nearly $10 million, where it plans to build a mixed-use project with an apartment tower.