Leading developer Related Group, in partnership with Alex Karakhanian of LNDMRK, has acquired an 18,000-square-foot land parcel comprising three contiguous sites in Edgewater, Miami. The prime location of the properties, situated at 519, 525, and 535 Northeast 29th Street, offers stunning views of Biscayne Bay and convenient access to MacArthur Bridge, connecting Edgewater to Miami Beach, as well as I-195, providing a direct route to Fort Lauderdale and Palm Beach. The purchase price for the predominantly undeveloped site was $12 million.
“Related identified the growth potential of Edgewater years ago, when we delivered the transformational, four-tower Paraiso Bay community along with Edgewater’s first five-star waterfront restaurant, Amara at Paraiso,” said Nick Perez, President of Related’s Condominium Division. “Edgewater offers it all- prime waterfront views, world-class culinary offerings, and easy access to other key hubs, from the Design District to Miami Beach. This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot.”
Alex Karakhanian of LNDMRK Development expressed excitement about the acquisition, stating, “We are thrilled to announce our acquisition of this exceptional property in Edgewater. We look forward to expanding our partnership with Related, as they are also our collaborators on two other nearby projects, The Dorsey and NoMad Residences Wynwood.”
The specific development plans for the site remain undisclosed. However, public records indicate that the site is zoned as T6-36-A, permitting the construction of up to 36 stories tall and 150 units per acre. Without the need for additional bonuses, approximately 60 units could be developed within the allowed parameters.
PPD Edgewater LLC, managed by Esteban Koffsman, served as the seller for the transaction, with Joel Rodriguez and Alex Suarez of Global Investment Realty acting as the brokers. LNDMRK Development, a prominent real estate company, specializes in sourcing, acquiring, and developing commercial, residential, and mixed-use projects throughout the Southeastern United States. Related and LNDMRK are also working together on The Dorsey and Nomad Residences Wynwood, both located in Wynwood, and are actively pursuing additional joint opportunities across South Florida.
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I would like to see the floor plans of the units and the parking solution