MIAMI—As the resurgence at the historic Miami River gains momentum, a building the Related Group developed in 2008 is seeing renewed interest. Terrazas Miami, a two-tower luxury residential community with 324 units directly on the river has sold 30 units in 30 days.

A gated community, Terrazas Miami is located at 1861 Northwest South River Drive. That's right next to E.G. Sewell Park. South Beach condos are about 15 minutes away, but come at a much higher price than new properties coming online in the Miami River neighborhood. Terrazas prices start in the mid-$200,000s and most units are priced under $400,000.

“Many projects in South Florida right now are in the pre-construction phase, but at Terrazas, buyers can close immediately and either begin living at the property or using it for rental income,” Terrazas sales director Michael Sadov tells GlobeSt.com. “In the past month, we've had some clients go from contract to closing in just six days.”

The Miami River Commission last year created a greenway featuring a public pedestrian and bike path allowing residents and visitors to enjoy a waterfront lifestyle. Since then, restaurants, shops and kiosks have started filling in the commercial real estate landscape. What's more, dredging project make room for larger ships and yachts to move from one end of the river to the other. Today, the restored Port of Miami River has new international shipping terminals, recreational boatyards, and marinas.

Several large-scale projects are planned for the area, including River Landing, which will include a half-million square feet of retail space. The Shops at Civica, a restaurant and retail project in the Jackson Health district, is expected to break ground soon.

Terrazas Miami offers one-,  two- and three-bedroom apartments, lofts, townhomes and penthouses in two towers. Residents have private access to the Miami River and E.G. Sewell Park. The community is a short distance from the Civic Center Health District, Downtown Miami, Miami International Airport, and the Brickell Financial District.

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