Developers have announced they are planning a “pure multi-family project” in Edgewater after acquiring a development site allowing 36 stories.
Oak Row Equities and LNDMRK Development paid $22.5 million for the 1.5-acre property at 401 NE 29th Terrace .
“We’re eager to finalize site plans and bring this project to the market,” said Erik Rutter, Managing Partner of Oak Row Equities.
“This is one of the last remaining continuous parcels in Edgewater East capable of accommodating condo style living with luxury amenities and bay views within a multi-family framework,” said Alex Karakhanian, Principle of LNDMRK Development. “We look forward to bringing much-needed density to the neighborhood and delivering a product type not yet saturated by other offerings.”
Stefano Santoro represented LNDMRK in the deal.
Arquitectonica is designing the new tower, which will offer bay views from all units. There will also be ground floor retail.
Oak Row and Karakhanian are also partners at 2600 Biscayne. That project is also being designed by Arquitectonica and is planned to rise 40 stories and include 400 units, 160,000 square feet of office, and ground floor retail.