A decade ago, few would have guessed the Design District’s oncoming evolution into the luxurious shopping destination it is today. Not too far off, a pocket of downtown Miami is quietly undergoing a similar transformation. By the end of 2016, East Edgewater, the residential neighborhood lying along Biscayne Bay just north of downtown Miami, will have one of South Florida’s highest concentration of new condos.
More than 2,000 units are currently either under construction or in permitting stages in this up-and-coming pocket. Seasoned developers such as Carlos Melo, already known as the king of Edgewater, and Jorge Perez, the condo king, are leading the pack. Moreover, developers from across the country are investing millions of dollars to secure land between the I-395 and I-195, running from Biscayne Boulevard to the bay.
Edgewater — an emerging market that arose victorious from the recession — is attracting international condo buyers who are no longer able to find good-buys with great views in Miami’s Brickell Financial District. Since the recession, land values have more than doubled in that section of Miami, and few waterfront sites are still available for re-development. Like the last condo boom brought luxury condos to Brickell Avenue, this new cycle is breathing life into East Edgewater, future home to the 399-unit Biscayne Beach condo, and the 164-unit BayHouse, among many other projects – just one more push towards Miami’s growing urban core.
East Edgewater provides the perfect example of the condo boom South Florida is experiencing, fueled by a growing appetite from foreign buyers. Overall, South Florida has more than 172 new condos, totaling close to 23,000 units planned, under construction, or recently completed.
The Daily Business Review takes a closer look at Edgewater in this video.