Forbes Miami’s Edgewater Experiencing Luxury Boom

March 2024

Everywhere one looks in Miami, change appears swiftly underway. Some astute observers might argue the evolution is most evident in an enclave called Edgewater, located directly on the Biscayne Bay waterfront between North 37th and North 17th Streets, near Miami Beach, the Design District, Midtown, Wynwood and Downtown.

Edgewater has rapidly soared to the top of the list of Miami neighborhoods showcasing the hottest and most exclusive condominium developments in the city.

That Edgewater has experienced wholesale transition appears a natural outgrowth of the change that’s taken place elsewhere in the Magic City. With the development of Wynwood, and the realization of the Design District’s potential, the logical next nook to witness a luxe transformation would be Edgewater, where since 2020 about $500 million in property acquisition investment by real estate developers has taken place.

Not surprisingly, pricing has skyrocketed to levels unprecedented for this area long overlooked by developers, reaching a hitherto unheard-of $2,200 per square foot.

A steady drumbeat of development news has been announced in Edgewater over the last few years. Among commercial newcomers will be a location of Whole Foods, the Amazon-owned supermarket chain having committed to a 20-year lease with six five-year extension options. The chain usually leases spaces of about 40,000 square feet.

Nascent residential projects include those from Melo Group, Two Roads Development, Terra and One Thousand Group, Oak Row Equities and Related and Karakhanian Lndmrk Development.

Developers have also huddled in preliminary talks with city, landscape and urban planners to draft dramatic enhancements to the neighborhood, streetscape and public arts, all in an effort to improve the street-level appeal of the bayfront enclave.

New options

“Edgewater has emerged as one of the most dynamic neighborhoods in Miami over the past decade, and that growth has been fueled by new residential development which has created a built-in population of full-time residents,” says David Martin, CEO of Terra, along with One Thousand Group the developer of Villa Miami, the first luxury tower branded by Major Food Group. “Those residents have attracted new retail and dining options, as well as parks and infrastructure improvements, making the area even more desirable.”

Within minutes of where Villa Miami is being developed, Martin added, opportunities exist to enjoy a Broadway-caliber show, savor the Miami City Ballet at the Adrienne Arsht Center, view art exhibits at museums like the Institute of Contemporary Art Miami or Perez Art Museum Miami, sit down to dinner at a Michelin-starred restaurant or take in an afternoon of cathartic retail therapy at the Design District’s premium boutiques.

Jeff Zalaznick, founding partner of Major Food Group, summed up the feelings of many in concise terms. “Edgewater,” he says, “Is Miami Design District’s Riviera.”

Development details

The high-octane activity in Edgewater presently includes the following residential developments.

  • Two Roads Development announced Edition Residences about a year ago. Edition Residences Edgewater will be the first EDITION branded standalone residential property.
  • Melo Group has on the drawing boards the two-tower Aria Reserve Miami, a condominium designed by Bernardo Fort-Brescia of Arquitectonica.
  • Related and Karakhanian’s Ldnmrk Development acquired an almost half-acre of land at 419 through 535 Northeast 29th Street, representing the first Edgewater investment for Related since it completed Paraiso Bay Residences in 2019.
  • Villa Miami, the first residential property branded by Major Food Group, will also unveil MFG’s first waterfront restaurant. Sales were launched last year.
  • Within the past several months, SB Development and Hazelton Capital Group have initiated sales of Cove Miami, a 40-story, 116-residence building that will soar skyward at 456, 480 and 496 Northeast 29th Street.
  • And 2900 Terrace and 2600 Biscayne Boulevard, two notable luxury multifamily properties now under development by Oak Row Equities, with design and interiors that rival Miami’s best condominiums.

Finally, the Elysee Miami condominium is fully sold-out and completed. Missoni Baia Edgewater, branded by the Missoni brand, is among Magic City’s tallest.

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