UNCG And Vertical Developments Buy Edgewater Site For $13.5 Million With Plans To Build A Condo-Hotel
Urban Network Capital Group (UNCG), in collaboration with Vertical Developments, has acquired a land parcel in the Edgewater neighborhood of Miami’s urban core at 3618 Northeast 5th Avenue. The transaction closed for $13.5 million, with the previous owner being Hotelex Midtown LLC, an affiliate of Hotelex Group. The 4,725-square-foot parcel is zoned T6-24a-O, permitting a structure of up to 24 stories. The partnership between UNCG and Vertical Developments plans to develop a condo-hotel tower on the property; details have not yet been disclosed. Alfonso Jaramillo from Fortune International Realty represented the buyers in the deal.