November 7, 2014
A new condo project has been announced in Miami’s fast-growing Edgewater neighborhood with the focus on smaller units at more affordable prices.
Stripey Developments and 4R Development are partnering on 26 Edgewater, a 10-story project with 86 units. The developers purchased the 20,000-square-foot site at 321 N.E. 26th Street for $2.4 million in early 2014.
Rafael Velasquez, of Sunset Realty Group in Miami, is the exclusive agent for the project. He said it should break ground in December and be completed in mid-2016.
It will have 58 units with one bedroom, sized at 560 square feet, that are priced at $270,000. The other 28 units are two bedrooms and range from 810 to 980 square feet, with prices averaging $340,000. Velasquez said the maintenance would be about 45 cents per square foot, which is considerably less than other new condos.
“The main idea is to keep these units affordable to people,” Velasquez said. “It is for the international investor who wants future income without investing that much capital up front.”
The pre-sale contract requires 10 percent of the price up front, 10 percent when the contract is signed and 30 percent during construction.
26 Edgewater will also have 10,436 square feet of commercial space it plans to sell on the ground floor, Velasquez said.
Stripey Development is managed by Carlos Mezzo and Alejandro Goldemberg, who started his development career in Argentina. It previously built a four-unit complex on Miami Beach.
The developer retained Modis Architects to design 26 Edgewater, which will include a fitness center and a pool deck.