Cove Residences Miami Taps Eklund-Gomes to Lead Condo Sales

SB Development and Hazelton Capital Group tapped Douglas Elliman’s Eklund-Gomes Team to take over sales and marketing of their planned Edgewater condo tower, The Real Deal has learned.

The sales firm change comes as the developers enter the next phase of the Cove Residences, a 40-story, 134-unit tower planned for the waterfront site at 456 Northeast 29th Street in Miami.

New York-based SB Development and New York-based Hazelton secured a $170 million construction loan in September, and plan to start construction later this month, said Joseph Stern, a principal and co-founder at SB. The partnership launched sales in 2023 with Peggy Olin’s OneWorld Properties.

OneWorld “did a lot of the heavy lifting getting us to a place where we can close on construction financing and break ground,” Stern said. He declined to disclose how many units are left, but lenders won’t provide loans to new projects unless they are at least 30 percent presold.

About a year ago, the buyer profile switched from primarily Latin American buyers to domestic buyers. Remaining units start at $900,000.

Stern said the project was designed to be “thoughtfully scaled,” affordable luxury. The units will range from one- to four-bedroom condos with wraparound terraces

Construction is expected to be completed in 2028. Stern said the developers opened a two-story sales center and have more than 500 people registered to attend the groundbreaking event this week.

The building is being designed by Kobi Karp Architecture & Interior Design and Dieguez Fridman Architects. Amenities will include a waterfront pool, fitness center, a theater, a gaming area and shared workspaces. SB and Hazelton paid $12.2 million for the assemblage in 2021. The site is next to Terra and its partners’ Villa Miami, a Major Food Group-branded tower that’s under construction. The two towers are part of a pipeline of thousands of residential units planned in the area.