SB Development and Hazelton Capital Group have selected the Eklund-Gomes Team from Douglas Elliman to manage sales and marketing for their planned Edgewater condominium tower, according to a March 17 announcement. The change in sales firm comes as the developers move into the next phase of the Cove Residences, a 40-story, 134-unit building set for the waterfront at 456 Northeast 29th Street in Miami.
The developers, both based in New York, secured a $170 million construction loan in September and plan to begin construction later this month. Joseph Stern, principal and co-founder at SB Development, said that Peggy Olin’s OneWorld Properties initially launched sales for the project in 2023. “OneWorld did a lot of the heavy lifting getting us to a place where we can close on construction financing and break ground,” Stern said. He did not disclose how many units remain available but noted that lenders typically require at least 30 percent of units to be presold before providing loans for new projects.
Stern also mentioned that about a year ago, there was a shift in buyer interest from primarily Latin American buyers to domestic buyers. Remaining units are priced starting at $900,000. The development is described as “thoughtfully scaled,” offering what Stern called affordable luxury with one- to four-bedroom condos featuring wraparound terraces.
Construction is expected to finish in 2028. The developers have opened a two-story sales center and report more than 500 people registered to attend this week’s groundbreaking event. The building is being designed by Kobi Karp Architecture & Interior Design along with Dieguez Fridman Architects. Planned amenities include a waterfront pool, fitness center, theater, gaming area, and shared workspaces.
SB Development and Hazelton Capital Group purchased the site for $12.2 million in 2021. The location is adjacent to Terra’s Villa Miami project—a Major Food Group-branded tower currently under construction—and is part of an expanding pipeline of residential developments planned for the area.
