Biscayne Beach Condo Developers Plan Edgewater Debut

MIAMI—Miami's latest condo development aims to bring the beach closer to the City of Miami. Biscayne Beach, a new luxury condo in the emerging East Edgewater market is officially on the books. A joint venture between Florida-based developer Eastview Development and global real estate investment firm GTIS Partners is development the project.

Located on a three-acre site, the 51-story high-rise tower sits on Biscayne Bay and offers a beach club, complete with white sand, swimming platforms, and water sports. Biscayne Beach will break ground in the first quarter of 2014.

The launch of Biscayne Beach coincides with Miami's emergence as a top residential market for buyers from across the U.S., Latin America, Europe, and Asia. A surge of demand for urban, multifamily living is fueling Miami's accelerating sales activity. In the City's urban core alone, more than 97% of the 23,000 condos built during the last real estate cycle are now occupied, according to the Miami Downtown Development Authority.

Meanwhile, this diminishing supply, rising home values, and a gradually improving economy are ushering in the next cycle of development. And Edgewater has become a popular destination for high-profile developers, including The Related Group. Related has launched two condos in the neighborhood.

“Miami's East Edgewater is one of the City's most vibrant neighborhoods, centrally-located near key employment centers, cultural and entertainment outlets, shopping and dining destinations, and transportation links," says Robert Kohn, partner with Eastview Development. Completion is expected in 2016.

Biscayne Beach will offer 399 luxury residences, ranging from one- to four-bedroom units with den options to penthouses with private rooftop pools and garden terraces. Preconstruction prices range from the $400,000s to multi-million dollar penthouses.

“Miami's standing as a center for international business, shopping and leisure has fueled the resurgence of its real estate market beyond that of most cities in the United States,” says Robert Vahradian, senior managing director of GTIS. East Edgewater is between the Venetian Causeway to the South, the Julia Tuttle Causeway to the North, Biscayne Bay, and the Beaches to the East, and Biscayne Boulevard to the West. This fast-growing neighborhood is at the center the Design District, the Downtown Arts and Entertainment District, the Wynwood Arts District, and the shops and restaurants of Midtown.

With Biscayne Beach marking his first residential project in Miami, Thom Filicia has designed properties for numerous celebrities including Tina Fey, Peter Jennings, Jennifer Lopez, and Marc Anthony. Dubbed an “A-List Designer” by Elle Décor and named one of the “Top 100 Designers” by House Beautiful, he has also been the creative mastermind behind several W Hotels, including the iconic W Westwood in Los Angeles.

“The resort-like amenities and unobstructed views are all available at surprising prices for waterfront property, which is increasingly difficult to find in this cosmopolitan city,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, Biscayne Beach's exclusive sales and marketing firm. Some of those amenities include a swimming pier and dock and water sports.

Eastview's principals have more than 120 years of combined experience developing, financing and marketing residential and commercial real estate projects across the United States. Headquartered in New York, GTIS currently manages about $2.3 billion of committed equity with 39 residential projects across 11 states in the U.S., and more than 20 residential developments completed and underway in Brazil.