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November 5, 2014 / Maggie Mercer / 0 Comments / Luxury Home Market

Miami’s Newest “It” Neighborhood

The transformation of Miami’s skyline in recent years is nothing short of astonishing. The recent boom in real estate has the addition of residential towers sprouting up just about everywhere, even in the most unsuspecting places. Areas that were once thought to be “undesirable” are becoming the next “it” neighborhoods in the city. Take for example the district known as Edgewater. A recent story from the New York Post describes the neighborhood as a “blighted district” just 2 years ago. But now, nothing could be further from the truth as several luxury projects are underway, and nearly sold out.

Edgewater is located about 8 miles across the Intracoastal Waterway from Miami Beach, where developers Stephan Gietl and Fernando Levy Hara purchased a parcel near the edge of Biscayne Bay in 2012.  At the time, they thought they were getting a great deal and planned to build a modest residential rental building. And then everything changed. Later that spring, world-renowned developer, Jorge Perez, announced plans to develop 2.15 acres of Edgewater’s bayfront property. And he wasn’t planning to put up a tower of rentals. Perez’s Related Group had plans for a 40-story, 300-unit luxury condominium tower, now known as Icon Bay. As a result, the 1 ½ mile-long and 4-block-wide neighborhood of Edgewater became a development hot spot.

After the announcement, Gietl and Hara decided a change of plans were in order. Their original plan for a rental building suddenly didn’t seem appropriate, and the birth of luxury tower, The Crimson, followed. Today, all but 16 of the Crimson’s 90 units have sold, for upwards of $650 a square foot, and the nearby Icon Bay, is completely sold out. Both buildings are set for completion next year and offer five-star amenities, once more common in the posher Miami areas. A total of nine luxury buildings are currently in development or under construction in the Edgewater neighborhood. When completed, some time in 2017, they will have added more than 3,300 new condo units to the area.

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