EdgeWater Not on the Verge Anymore
Edgewater — a 1½-mile-long and four-block-wide piece of land sandwiched by the Venetian Causeway and Biscayne Boulevard, bordering the happening neighborhoods of Wynwood and the Design District — went from being an overlook and almost forgotten neighborhood to become the city’s newest hot neighborhood in the blink of an eye. An article in the New York Post this week detailed the impact of Jorge Pérez’s announcement in 2012 that the Related Group would build Icon Bay. Now more than a dozen projects are currently under construction and everyone of them is selling rather fast!
Like much of the rest of South Florida, Edgewater is luring an international clientele — particularly Latins — who demand amenity-rich developments. Tennis courts, swanky club rooms and interior design by Thom Filicia, for example, add allure to Biscayne Beach Residences, at 711 NE 29th St., which is being put up by Eastview Development and GTIS.
With brand-new buildings, innovative comforts (like a “dive-in” theater at ION that allows movie-viewing while floating in the pool), easy access to watersports and a 50 percent or so discount from South Beach, Edgewater sales have been brisk. “What took 10 years at South of Fifth is taking five years at Edgewater,” says broker Alicia Cervera, managing partner of Cervera Real Estate.
Anyone who’s surprised by the neighborhood’s rapid ascent shouldn’t be. “Edgewater is the biggest no-brainer in all of real estate development,” Perez insists, sitting in his art-filled office in Brickell, less than a mile away from where he is putting up four more area towers in Edgewater — Paraiso Bay Towers 1 and 2, Paraiso Bayview and One Paraiso. The combined projects will offer 1,397 units selling for $450 to $1,200 per square foot on a block of land between NE 30th and 31st Streets.
While brokers and developers talk about Edgewater eventually attracting families, the Melo Group is already there. Its 38-story Bay House, at 600 NE 27th St., is designed for the baby-makes-three set. Its 165 units are all three-bedrooms with private elevator entries and priced at $550 per square foot. Only five apartments remain at Bay House, with resident amenities like a playroom, theater and summer kitchen. “Young people live in the area, they start having children and they don’t necessarily want to move to the suburbs,” says Melo Group principal Carlos Melo, whose building is scheduled to open by the end of this year.
EdgeWater without a doubt will be one of the trendiest neighborhoods of Miami located close to all the uncountable attractions the city offers.* New York Post
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