North of Downtown Miami sits Edgewater, a prominent area of the Miami real estate map. Approximately from North 17th street to 37th street, Edgewater has 1st Avenue to the west and Biscayne Bay to the east. A mostly residential neighborhood, Edgewater displays many historic homes. However, since the early 2000s, the area has expanded and displayed increasing popularity, with an impressive urbanization process and establishment of new high-rise buildings. Next-door neighbor to the Design district, Wynwood, and Midtown; Edgewater is conveniently located in an evolving area of Miami real estate. Close to fashion, design, art, restaurants and retail.
The changes in the neighborhood are outstanding. Today Edgewater is a big player in real estate in Miami. On a daily basis we see young professionals walking their pets, bike riding, a variety of outdoor sports. With the Miami Trolley running for free in the area, its resident are connected to downtown and Midtown for additional retail and gastronomical options.
Edgewater Property Values On the Rise
In just a year, the value of land in Edgewater has increased over 150%. Land that was sold just months ago for approximately 10 million, are reaching values of 30 million. These are examples of Edgewater’s impactful growth and place it as an opportunity for investment into the future. This area is a remarkable discovery of a district with much potential in the Miami market. Developers expect to build new high-rise and mid-rise buildings and will get around 600 a square foot in return.
Downtown and Brickell are almost all occupied, with little space to continue expanding. With the resurgence of condominium construction after the crash, both of these áreas are closely built out. Edgewater is the next logical step, with land available for projects that can provide spectacular views of the bay at a lower price.
It is a fantastic chance for investors ready to take part in what will become a continuation of the already ultra developed neighborhoods just south of it. Developers have been breaking up parcels and establishing up high-rise projects in this beautiful bay front neighborhood. Of course, land prices are soaring.
Developers and Investors Calling for Expansion of Edgewater
Icon Bay, a luxury condo on 28th Street is almost sold out during pre-sales, an evident clue that Edgewater is becoming a place where people want to invest and live. With impacting views of the bay, overlooking the city of Miami and Miami Beach, the area is equipped with natural beauty beyond words.
The area is assembling great prestige, in part due to the establishment of luxury retail such as Louis Vuitton and Hermes. In March, GTIS Partners, a New York-based real-estate firm, and West Palm Beach’s Eastview Development bought a 2.65-acre bay front site in Edgewater to construct a forty-two-story condominium with almost 400 units.
With prices expected to average at about $435 a square foot and units ranging from $330,000 to $1 million, Edgewater is Miami’s next sweet investment. Although not completely developed, Edgewater has something that is absolute: spectacular waterfront views that are becoming continuously scarce in south Florida. These assure the future expansion of the area.
New York Designer with a Love for Miami
Widely recognized from the hit TV show Queer Eye for the Straight Guy, TV personality + interior designer, Thom Felicia sees Miami as where ‘it’ is going in the territory of design. He is the design partner for a new condo in Edgewater. His design can be found in the building, as well as the future beach club, an exciting project including sand and spectacular views, opening in 2016.
Felicia’s contribution to this Edgewater development shows a clear direction: Miami continues to attract visitors, artist and investors from around the country and the world. Investing in Edgewater is investing in a future international hotspot for art and design.