SB Development and its partner launched sales of a waterfront condo project in Miami’s Edgewater, nearly two years after closing on the land.
New York-based SB and Hazelton Capital Group revealed plans for Cove Miami, a 40-story, 116-unit building expected to rise at 456, 480 and 496 Northeast 29th Street. The site is next to the 58-story Villa Miami condo tower, which Terra, One Thousand Group and Major Food Group plan to develop. It’s also near Biscayne Beach.
Cove Miami will mark the first of three planned residential developments for SB, said Joseph Stern, a partner at the company. Stern said site work is underway, and it will take about 30 months to complete after the project officially breaks ground in the second quarter of 2024. He hopes the building will sell out in about a year, he said.
The developer also secured a 12-month, $15 million pre-development loan from Benmark Capital for the project this week, Stern confirmed. SB and Hazelton paid $12.2 million for the assemblage in August 2021.
Cove Miami will have units ranging from two- to four-bedrooms, with prices starting at $1.3 million and going up to more than $3.5 million, according to a press release. OneWorld Properties, led by Peggy Olin, is leading sales and marketing of the project.
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Kobi Karp Architecture & Interior Design is the architecture firm, and Buenos Aires-based Dieguez Fridman is designing the interiors.
Cove is one of more than a dozen residential developments in the works in Edgewater, north of downtown Miami.