Already-dense Edgewater is slated for two new high-rises. That’s just the beginning
If you think Edgewater is already bursting at the seams, just wait.
At least two new projects are in the works in the bayfront stretch from Northeast 15th Street to the Julia Tuttle Causeway, as developers chase additional sites. And more are likely coming.
The neighborhood association is all for it — provided the infrastructure keeps pace.
“When you have more density, some services become cheaper to provide, including sewer, water, electricity and public transportation,” said Andres Althabe, president of the Biscayne Neighborhoods Association. But more schools, traffic lights and pedestrian crosswalks are needed, he said.
Projects in the works include redevelopment of the 3.5-acre waterfront site at 2121 North Bayshore Drive, where an undisclosed developer plans to demolish the existing 14story condo and replace it with multiple buildings, according to Avison Young Principal John Crotty. Crotty is involved in the sale of the existing 192-unit building, which landed on the market last March.
As Miami’s land values have skyrocketed, a few condo associations have taken the rare step of putting their buildings up for sale.
“This deal is unique and special because it is a bulk condominium sale,” Crotty said. “We presented to the many owners and got exclusive listing agreements on 90% of the property and then ran a full marketing process. This brought multiple offers to the property.”
The location is zoned for 36 stories.
The firm is anticipated to submit plans to the City of Miami by May, said Crotty, who is a former NBA player and the Miami Heat’s current TV analyst. The sale of the building is expected to close by late 2021.
Also in the pipeline: another rental project from Edgewater pioneers Melo Group. It is preparing to submit plans to the city for Urban 22, a pair of 15-story buildings on the corner of Second Avenue and Northeast
22nd Street, said CoPrincipal Carlos Melo. Already in permitting are a pair of 60-story high-rises and a community park at 700 NE 24th St.
If the projects are approved, the Melo Group is expecting to start construction on both projects by late 2021.
Additional developments might be on the horizon. Two other Edgewater sites are drawing multimilliondollar offers.
Bids are already up to $100 million for Biscayne Place at 1700 Biscayne Boulevard, Crotty said. The three-acre corner block includes empty land, a parking lot, a Burger King and a two-story retail building and sits inside an Opportunity Zone. Zoning allows for a 60-story project with 1,500 residential units and 3,000 hotel rooms.
Also in play: a two-story single-family house at 326 NE 26th Terrace, according to the listing agent, Tony Arellano, managing partner at Dwntwn Realty Advisors. The lender-owned house is listed for $1.5 million, and the lender is looking to offload it by April. Zoning allows for a 36-story project with either 150 residential units or 300 hotel rooms.
While it might seem plenty of eyes are on Edgewater, developers are looking wide and far, Arellano said.
“I have seen more interest in Miami [in recent months] than in the last 16 years,” Arellano said. “The interest is not specifically to Edgewater.”
Already approved are a 36-story residential tower at 1837 NE Fourth Ave. and an 18-story rental building at 2728 NE Second Ave. in Edgewater.
Rebecca San Juan: 305.376.2160, @rebecca_sanjuan