North Development Pays $32.8M for Edgewater Miami Development Site

North Development, a joint venture between Oak Capital's Ricardo Dunin and Peru's Edificia, has bought a development site in Miami's Edgewater neighborhood for $32.8 million, according to property records. The price is more than four times what the parcel fetched seven years ago.

The 0.6-acre lot at 2100 North Bayshore Drive sits between the Paramount and Biscayne 21 condo towers near Biscayne Bay. A partnership of TPG Equity REIT, UBS Realty Investors and Mill Creek Residential bought it for $8 million in 2019. In 2023, that group filed plans for a 31-story rental tower with 275 apartments and a 363-space garage, but construction never began and the land is still vacant.

The article attributes the price increase to the neighborhood's rapid residential growth since the pandemic. Mill Creek previously built the neighboring 296-unit rental building, which Flow now owns. North Development, launched in 2021, is also building a 35-story condo-hotel with 579 units in Brickell. A firm representative did not immediately comment.

For developers, the sale signals strong land values along Edgewater's waterfront, where entitled but unbuilt sites are commanding significant premiums.