A 0.6-acre patch of vacant land along Biscayne Bay in Miami's Edgewater neighborhood just traded hands for $32.8 million — more than four times what it sold for seven years ago. The buyer, North Development, picked up the site at 2100 North Bayshore Drive, tucked between the Paramount and Biscayne 21 condo towers, in a deal that underscores just how fast land values have climbed in this once-overlooked stretch of waterfront Miami.
The sale was first reported by Commercial Observer, which noted the parcel previously sold for just $8 million back in 2019, when it was purchased by TPG Equity REIT, UBS Realty Investors and Mill Creek Residential Partnership. That means the land's value has grown more than fourfold in seven years, a jump the outlet attributes to the broader transformation of the surrounding neighborhood.
Edgewater has become a hotbed of residential development since the COVID pandemic, and the site itself has a development history of its own. In 2023, the ownership partnership filed plans for a 31-story rental tower with 275 apartments and a 363-space parking garage, a project detailed by Florida YIMBY as Modera North Bayshore, rising roughly 340 feet. Construction on that tower never got underway, and the land sat empty as the site changed hands again this year.
A Proposed Project for the Site
An architecture firm's project page for the site, published by Bustamante Arrieta, describes a 50-story mixed-use development comprising 540 hotel and residential units across more than 650,000 square feet. Commercial Observer's October 27, 2026, report says North Development's 35-story, 579-unit condo-hotel is being built in Brickell, not at 2100 North Bayshore Drive.
North Development is a joint venture between Ricardo Dunin's Oak Capital, a Miami-based firm, and Peru's Edificia, according to Commercial Observer. The company launched in 2021 and has focused primarily on Brickell since then, where it is also building a separate 35-story, 579-unit condo-hotel. North Development reportedly received $220 million in construction financing for that Brickell project last year. A representative for the company did not provide immediate comment on the Edgewater purchase, per the outlet's reporting.
Just next door to the newly purchased parcel sits a neighboring 296-unit, 28-story rental building that Mill Creek Residential previously built, now owned by Flow, the company founded by Adam Neumann, according to Commercial Observer's reporting.
Edgewater's Pipeline Keeps Growing
The sale lands amid a broader building wave reshaping Edgewater. Thousands of residential units are currently in the neighborhood's development pipeline, according to the South Florida Business Journal, which notes developers are increasingly adding offices, hotels and retail to an area that remains predominantly residential. Edgewater's total pipeline is estimated to exceed $5 billion in sellout value, with at least six major projects currently advancing throughout the neighborhood, according to It's Just Business Magazine.
That growth has deep roots. Since the early 2000s, generous zoning codes, Edgewater's waterfront location and its proximity to booming neighborhoods like Wynwood and Brickell have fueled rampant development, according to the Biscayne Times. Since 2020 alone, developers have poured roughly $500 million into Edgewater property acquisitions, per Forbes, and property pricing in the neighborhood had reached roughly $2,200 per square foot by March 2024.
New Towers Rising Along the Bay
Several other projects are already underway nearby. The Cove Residences, a 40-story condominium with 134 one- to four-bedroom units, broke ground with starting prices in the $900,000s and secured $170 million in construction and land financing, according to South Florida Agent Magazine and PROFILEmiami. It is expected to deliver in 2028.
Villa Miami, a 70-residence luxury project at 710 Northeast 29th Street, is also under construction, while the EDITION Residences Edgewater is planned as a 55-story tower with 185 units and Edge House is slated to rise more than 55 stories with over 590 units, according to Florida YIMBY's reporting on the neighborhood's development wave. Mill Creek Residential's nearby Modera Biscayne Bay project, separate from the site at 2100 North Bayshore Drive, includes 296 multifamily units, 432 parking spaces and 11,607 square feet of commercial space.
For now, the lot at 2100 North Bayshore Drive remains vacant.
