Related Group and LNDMRK Purchase Edgewater Three-Parcel Site for $12 MillionJune 23, 2023
Miami-based developer, Related Group, in partnership with LNDMRK, has successfully acquired three adjoining land parcels in the vibrant Edgewater neighborhood of Miami. The combined land parcel, spanning 18,000 square feet, is located at 519, 525, and 535 NE 29th Street, offering picturesque views of Biscayne Bay. The strategic location provides:
- Convenient access to the MacArthur Bridge.
- Connecting Edgewater to Miami Beach.
- A major highway leading to Fort Lauderdale and Palm Beach.
The acquisition cost for the predominantly undeveloped site amounted to $12 million.
Related Group, renowned for identifying growth potential in Edgewater years ago, has significantly contributed to the area’s development. They were responsible for the thriving Paraiso Bay community, consisting of four transformative towers, and the introduction of Edgewater’s first five-star waterfront restaurant, Amara at Paraiso. Nick Perez, President of Related’s Condominium Division, highlighted the appeal of Edgewater, emphasizing its prime waterfront views, exceptional culinary offerings, and convenient connectivity to other key hubs such as the Design District and Miami Beach. This recent acquisition further solidifies their commitment to establishing Edgewater as a prominent hotspot.
Alex Karakhanian of LNDMRK Development expressed enthusiasm about the acquisition, emphasizing the company’s excitement in expanding its partnership with Related Group. LNDMRK Development, a principal-based real estate firm, specializes in sourcing, acquiring, and developing commercial, residential, and mixed-use projects throughout the Southeastern United States. They are also collaborating with Related Group on two other nearby projects: The Dorsey and NoMad Residences Wynwood.