Edgewater is set for a new condo project with a 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, according to the South Florida Business Journal. The developers picked up the 20,000-square-foot site, located at 321 Northeast 26th Street, for $2.4 million in early 2014.
The project will break ground in December and be completed in mid-2016.
Fifty-eight of the units will be one bedrooms, sized at 560 square feet and costing $270,000. The remaining 28 units are two bedrooms and range from 810 to 980 square feet, with prices averaging at $340,000.
“The main idea is to keep these units affordable to people,” said Rafael Velasquez of Sunset Realty Group in Miami, who is marketing the project. “It is for the international investor who wants future income without investing that much capital up front.” [South Florida Business Journal] – Christopher Cameron