May 13, 2013
Due to a heated real estate market, developers in Miami are buying up property across the city. Miami’s Edgewater district, located just north of downtown, is the latest area to see a flurry of proposed new construction. With sweeping views of Biscayne Bay and a prime location near Midtown and the Design District, developers have been busy buying up land and pre-construction sales are soaring.
Related Group, a Miami-based developer, recently paid 29 million dollars for a site at NE 31st Street. The same land sold for 11.5 million dollars in 2012. Related plans to build a high-rise condo tower at the location. On a different project, Related broke ground on Icon Bay, luxury condominiums at 428 NE 28th Street, a few weeks ago. Presales of the units started last September, and the building is described as “basically sold out”.
“We’re looking at a couple more deals in the area. We have sites under contract. The views of the water are something in really high demand. It’s something everyone wants and expects in Miami,” Carlos Rosso, president of condo development for Related, stated.
Source: Miami Herald
