Related Group Bidding To Buy Waterfront Property In Edgewater, 400 Condos Planned

Related Group wants to build another residential project in Edgewater, and has submitted an offer to buy a bayfront property.

A letter sent by a tipster shows that Related has offered $24 million for the property.

Related Group President Carlos Rosso signed the letter.

The land that Related Group wants is owned by the Biscayne 21 condo association. It is currently used as surface parking and as a tennis court and recreation area.

Two towers would be built, the letter states. Each would have 200 residential units, likely condos.

Biscayne 21 is a condo building with 192 units, built in 1964.

The tipster said that another group has been working to buy out units in the existing building in order to gain control of the board. HUS, LLC, managed by broker Bragi Sigurdsson, is said to have purchased around 40 units so far.

 

 

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Gringo
2 years ago

Recently an article by Related that “Miami is not ready” for new residential projects, but…..

Anonymous
2 years ago

yeah – right? thought the same thing. buy now build next year.

Anonymous
2 years ago

*buy now & build in the next cycle (5 years).

Anonymous
2 years ago

I could see this Lot being developed.. currently used for ground parking.

Anonymous
2 years ago

Cool. Another giant condo building with a giant parking garage at the base further cementing Edgewater’s status as a vertical suburb. Guess that’s okay if that’s your sort of thing.

Anonymous
2 years ago

Don’t want parking garages. Run for office and fight for a reliable mass transportation system in Miami.

Anonymous
2 years ago

At least it will get rid of a surface parking lot blocking access to the baywalk.

Anonymous
2 years ago

Are you going pay my uber bill for someone else to drive me to work then?

Anonymous
2 years ago

Yes.

Anonymous
2 years ago

What in the WORLD do you want??? An amusement park?? A Publix???

Anonymous
2 years ago

another CVS and Chase Bank

Anonymous
2 years ago

oh no, that would be awful having a Publix parking podium. Lol

Anonymous
2 years ago

Hopefully somebody buys out Biscayne21 so the entire lot can be developed. Wedging a new building alongside the existing 50 year old building is not a winning design.

Anonymous
2 years ago

Amazing property. Good for them, one step closer to a completed Baywalk.

Anonymous
2 years ago

Please not another Arquitectonica tower….

Anonymous
2 years ago

I wish I bought a unit there in 21 Biscayne. $24 Million split between 192 units, they all hit a lottery.

Anonymous
2 years ago

Its 125,000 per unit bonus, once the buyout happens it should give even newcomers a pretty good deal.

Anonymous
2 years ago

$24 Million divides by 192 units amounts to only $125,000 per unit. That’s far too low. If I was a unit owner I wouldn’t sell for anything less than $500,000 given the waterfront location of this property.

Anonymous
2 years ago

Just keep building and building and where is the public transportation infrastructure? are we supposed to fly, we cannot move or drive as it is, stop building.

Anonymous
2 years ago

At least nothing of value will be lost here, like all the beautiful prewar homes which Related destroyed for previous monstrosities, and only needed some TLC , or the Unity of the Bay mansion recently wiped off the map.

Anonymous
2 years ago

$24 Million divided between 192 unit owners. They all hit a jackpot.

Anonymous
2 years ago

$125K minus taxes and they lose their tennis court…lol.

Anonymous
2 years ago

and views / natural light

Anonymous
2 years ago

I would rather sell out completely then someone buying the lot next door and have to endue construction and lack of parking/ amenities…

Anonymous
2 years ago

they should fill this slip too LOL

Anonymous
2 years ago

Sucks for the Modera replacing Unity, losing views and not even out of the ground.

I know no one is entitled to a view.

Anonymous
2 years ago

i’ll give you something to look at !!

Anonymous
2 years ago

Why the hostility?