Mansion Global Close to Beaches and Galleries, Edgewater Is at the Pulse of Miami
May 2023
Situated along the bayfront just north of Downtown Miami, the once sleepy residential neighborhood of Edgewater is now at the pulse of everything that makes the city an attractive place to live: The enclave is close to beaches, cultural attractions, the Design District and Miami International Airport.
These days, it also offers its own appeals such as a slew of new, sleek condominiums, an active, outdoorsy lifestyle and buzzy restaurants. Prior to the financial crisis, Edgewater was considered a forgotten part of Miami that consisted of older homes and low and mid-rise buildings, according to Miami-based Compass real estate agent Liz Hogan, who frequently sells in Edgewater.
“In 2006, the transformation began when a few developers saw the potential to build luxury high-rise condo buildings that could take advantage of the waterfront, which has some of the most stunning views in Miami overlooking the bay toward Miami Beach,” she said.
An influx of younger buyers and renters moved in, and shops and restaurants followed. At the same time, the Design District, Midtown and Wynwood saw their own revitalization. Ms. Hogan said that each of these neighborhoods supported the development of the other.
Boundaries
Edgewater is located north of Downtown Miami and east of the Design District. The neighborhood is situated directly on Biscayne Bay and stretches from the Venetian Causeway, at 15th Street and Biscayne Boulevard, to 36th Street. “It’s only about 21 blocks long, which is small compared with other Miami neighborhoods, and you can walk the span of it in 25 minutes or so,” said Elliot Machado, a broker associate with ONE Sotheby’s International Realty in Miami.
Price Range
Edgewater’s decade-old condos command considerably lower prices than their newer, glitzier, counterparts, Ms. Hogan said, with the average cost running between $500 to $600 per square foot.
Newer properties such as Missoni Baia, a condominium project that’s debuting this spring from the Missoni fashion house, cost $1,200 or more a square foot. Mr. Machado said that the price range of condominiums ranges between $400,000 and $15 million, with the average price being around $1 million.
Housing Stock
Edgewater consists primarily of condominiums.
“The desirability of the area and the population exploded with many luxury condos being built to accommodate the demand,” Ms. Hogan said.
Paraiso Bay, comprising four towers, is an example and features a lineup of eye-popping amenities such as a swimming pool designed like a lagoon, a movie theater, a beach club and a cigar lounge.
And the boom is far from over: In addition to Missoni Baia this spring, Edition Residences, the hotel brand’s first standalone residences, is slated to begin construction this summer. Designed by the acclaimed architect Bernardo Fort-Brescia, the 55-story tower will feature more than 800 feet of bay frontage and 185 condominiums, including three triplex penthouses, each with a private rooftop and garden.
Aria Reserve, with 2 acres of amenities, and the Villa, a 650-foot-tall tower by Terra and One Thousand Group with services by the restaurant brand Major Food Group, are other projects that are in the works.
The handful of remaining single-family homes are older properties that developers are buying to build more condominiums.
Luxury Amenities
For a neighborhood that’s relatively small, Edgewater is replete with greenspaces. The 8-acre Margaret Pace Park is the largest and most scenic, Ms. Hogan said, and has basketball, tennis and volleyball courts. It also offers vistas of Miami Beach.
The restaurants are another attraction.
“You have lots of great spots that are a favorite of Miamians,” Mr. Machado said.
Examples include the restaurant and rooftop bar Klaw, known for its king crab and steaks; a branch of the health food chain Pura Vida; and The Daily, popular for its tasty salads and sandwiches.
On the shopping front, Edgewater has a mix of clothing boutiques and furniture stores. But most high-end shopping is located a 10-minute walk away in the Design District.
The neighborhood will also be part of Miami Baywalk, a four-mile-long pedestrian-friendly waterfront promenade that will span from Coconut Grove to Edgewater when it’s done.
In addition, the new condominiums in the area feature amenities such as large gyms, tennis and pickleball courts, spas and rooftop swimming pools.
Mr. Machado said that top schools in the vicinity include Bridgeprep Academy, a charter school chain with an elementary campus in Edgewater, and Centner Academy, which offers preschool through middle school with a high school opening in September.
What Makes It Unique
Edgewater’s bay position makes for “indescribable” water panoramas, according to Mr. Machado. “You might get water views from a lot of Miami neighborhoods, but Edgewater is different because the views are unobstructed, and the water is literally right in front of you,” he said. “It’s very serene, and the sunsets are among the best in town.”
The neighborhood is also well positioned given its proximity to numerous areas in the city such as Wynwood, the Design District and Midtown. The causeway provides easy accessibility to Miami Beach, which is around a 10-minute drive away.
Who Lives There
Mr. Machado and Ms. Hogan said that Edgewater is home to young professionals, some of whom are starting families. They’re an active, health-conscious group who love to be outside and partake in biking, running or playing any sport.
“You don’t see the loud, party crowd here,” Mr. Machado said. Given the number of new condominiums in the pipeline, many of which are half- or full-floor spacious residences, he said expected even more families to move in over the next several years.
Notable Residents
Ex-New York Yankee player Alex Rodriguez and the DJ David Guetta are among the several celebrities who own a residence in Paraiso Bay. The musician Timbaland owns property in Aria, and Ms. Hogan said that the Argentinian soccer star Carlos Joaquin Correa purchased a home in Missoni Baia.
“A lot of famous sports stars and creatives are drawn to Edgewater,” she said.
Outlook
The neighborhood’s appeal will continue to soar as more condominiums make their debuts. Ms. Hogan said that units are closing for about 96% of their asking price and that properties with direct water views are the first to sell. “Prices are continuing to escalate, and inventory remains low,” she said.
Mr. Machado agreed. “With an incredible number of prestigious luxury developments coming to market, Edgewater is no longer up and coming. It’s established,” he said.
