MIAMI—Miami real estate prices are rising and investment is pouring into South Florida at a rapid clip. It's against that backdrop that East Edgewater's newest luxury condo continues its ascension.

Vertical construction at Biscayne Beach, a 51-story waterfront tower located at 711 NE 29th Street along Biscayne Bay, has surpassing the fifth-floor level. With one full level expected to be completed every week for the next 42 weeks, the 399-unit project is on track to top-off construction and deliver in 2016. 

But Biscayne Beach, a 51-story waterfront tower, is bringing something a little different to Miami's urban core: a private man-made beach. Biscayne Beach is about 95% sold. Preconstruction prices for Biscayne Beach's penthouse units range from $2 million and up.

Biscayne Beach is being developed by a joint venture between South Florida-based real estate development firm Eastview Development and GTIS Partners, a global real estate investment firm headquartered in New York with more than $2.3 billion in assets throughout the U.S. and Brazil.

“Recognizing Miami's status as an international city and the special waterfront location of the site, we knew that is was the right place for us to invest in,” says Robert Vahradian, senior managing director of New York-based GTIS. “East Edgewater's central location at the crosshairs of Miami's landmark art and cultural destinations, major business centers, and luxury retail development in the adjacent Design District, makes it an ideal location for luxury residential development.”

Miami's East Edgewater neighborhood lies just north of Downtown Miami and directly across the bay from Miami Beach, between the Julia Tuttle and Venetian Causeways. Next door, the Design District is home to high-end shopping brands like Hermés, Prada, and Dior, with some of the city's most unique artistry coming from the nearby Midtown and Wynwood neighborhoods. Also nearby are venues like the Adrienne Arsht Center for the Performing Arts, the Perez Art Museum Miami, the upcoming Patricia and Phillip Frost Museum of Science, AmericanAirlines Arena, and Brickell City Centre.