Friday, February 28, 2014

Edgewater: Miami’s Newest Up and Coming Neighborhood

Situated in a prime location along Biscayne Bay is one of the latest up and coming areas of Miami – Edgewater.  Formerly a dilapidated neighborhood, Edgewater was avoided as it was dilapidated and run down. 

All that has changed.  It is in revitalization mode as developers target it with new Miami condominiums, retail and more.  The location is ideal because it is surrounded by other cool up and coming neighborhoods like the Design District, Brickell, Wynwood and others.  In fact, its location is said to be at “the intersection of funky and trendy,” in a Miami Herald article earlier this year. 

If you are curious as to exactly where funky and trendy meet, Edgewater is bound by NE 17th Street (north); Tuttle Causeway at 36th Street (south); Biscayne Bay (east); and, the railroad or Biscayne Boulevard (west).  Just a drive through Edgewater and you will see it bursting with real estate projects from some of the most successful developers in the country and, even the world. 

There are a few major projects in Edgewater under way that we think are worth mentioning. Not only do they add to the Miami skyline, they bring a lot to the entire neighborhood.   Following are several major projects:

Icon Bay, 460 NE 28th Street
Icon Bay, a new condominium being developed by Icon Bay, is under construction with completion targeted around spring 2015.  With construction well underway, this building is going to be beautiful with its zigzag design on the exterior and contemporary interior.  Icon Bay is going to be a 40-story condominium eight units on each floor.  Ranging in size from 900 to over 2,000 square feet, each residence will have unbelievable panoramic views and luxurious details.  Additionally, the plans show a water park and all the community amenities that come with Related Group projects.  The building is practically sold out and is a sign that the Edgewater is a neighborhood to watch and a project that definitely indicates the market is turned.    

Paraiso Bay, 600 NE 31st Street
The Related Group definitely sees the potential in the Edgewater neighborhood.  You can see that simply because they are on the move here with multiple projects.  Another one is Paraiso Bay.  While construction is expected to start soon, recent reports have indicated that Paraiso Bay’s plans are becoming bigger with two new towers being added.  There will be 790 residences in the original two towers with only seven units on each floor.  The residences comprise one, two, three and four-bedroom units ranging in size from about 1,000 square feet to about 2,500 square feet each with spectacular bay views.  Each floor will contain a maximum of seven units that look to be lined across the building.  Along with the beautiful condominium, Jorge Perez permanently closed off 31 Street at the Bay in return for adding a park with playground equipment, lots of green space and more.  To buy at Paraiso Bay, potential buyers can expect to pay between the mid-$500s and over $1.1 million for units that range in size from just over 1,000 square feet to well over 2,100 square feet.  Food for thought is that David Guetta has secured a penthouse in Paraiso Bay…just sayin’. 

Biscayne Beach, 711 NE 29th Street
A third project to be built along the Bay in Edgewater is Biscayne Beach.  Set to begin construction in April (just got a thumbs up from Miami’s planning department), Biscayne Beach is a 51-story bay front high-rise condominium with 399 units being developed by Eastview Development and GTIS Partners.  Remember Thom Filicia from Queer Eye for the Straight Guy?  He will design the interiors.  As the first condominium with a manmade beach club directly on Biscayne Bay, it will offer one, two, three and four-bedroom options in addition to penthouses with private rooftop garden terraces.  Inside each residence, there will be floor-to-ceiling windows, large balconies and beautiful Biscayne Bay, Miami Beach and city views.  List prices range from the mid-$400s to well over $1 million for units with sizes between almost 900 square feet and over 2,100 square feet (penthouse prices available upon request).

A Growing Neighborhood in Miami
It is easy to see that Edgewater is exploding with all of the condominium construction underway.  Carlos Rosso, President of Condo Development at the Related Group, was quoted in a Miami Herald article to say “Edgewater’s layout works well for high-rise condos” as it sits in a prime area of Miami with Biscayne Boulevard running parallel to the Bay is the major thoroughfare of Biscayne Boulevard with shops and restaurants.” He went on to say “it’s an attractive area.  It’s got good bones.” In the real estate industry, that means it has good structure and placement which is definitely true as it is so close to the Design District, Midtown and the Wynwood Arts District. We are so excited to watch Edgewater turn into one of Miami’s best neighborhoods.  It is simply a great place to live!

No comments:

Post a Comment

Copyright 2012 Gables Riches. All rights reserved. 1800 SW 1st Avenue. Suite 504. Miami, FL. 33129. Tel (786) 344-4669. Fax (786) 533-3921