Urban Network Capital, a Miami-based real estate development firm, has purchased a development site in Miami Edgewater for $20 million. The company plans to develop a new condominium-hotel project on the site.
The site, which is located at 445 and 455 Northeast 36th Street and 3618, 3620, 3630, 3632 Northeast Fifth Avenue in the Edgewater neighborhood of Miami, is just short of half an acre. The site is currently home to four single-family homes.
Urban Network Capital plans to develop a 36-story condominium-hotel project on the site. The project will feature 200 units, including a mix of studios, one-bedroom, two-bedroom, and three-bedroom units. The project will also have a number of amenities, including a rooftop pool, a fitness center, and a spa.
The Condo-Hotel Market in Miami
The condo-hotel market in Miami is booming. In recent years, there has been a surge in demand for condo-hotels from both investors and vacationers.
Condo-hotels offer a number of advantages over traditional hotels. Condo-hotels are typically more spacious than hotel rooms, and they offer guests more amenities, such as kitchens and laundry facilities. Condo-hotels are also typically located in more desirable areas than traditional hotels.
The rising demand for condo-hotels in Miami has led to a number of new condo-hotel projects being developed in the city. In 2022, there were over 10 condo-hotel projects under construction in Miami.
Urban Network Capital's Plans for the Edgewater Condo-Hotel Project
Urban Network Capital has not yet released many details about its plans for the Edgewater condo-hotel project. However, the company has said that the project will be a "luxury condo-hotel" that will offer guests "the best of Miami living."
The company has also said that the project will be environmentally friendly and will feature a number of sustainable features, such as solar panels and energy-efficient appliances.
Impact on the Edgewater Neighborhood
The development of the new condo-hotel project is expected to have a significant impact on the Edgewater neighborhood. The project is expected to bring new residents and businesses to the area, and will help to further develop the neighborhood.
The project is also expected to drive up property values in the area.
Conclusion
The purchase of the development site in Edgewater by Urban Network Capital and the company's plans to develop a new condominium-hotel project are significant developments for the Miami real estate market.
The condo-hotel market in Miami is booming, and the new project is expected to be well-received by both investors and vacationers.
The project is also expected to have a significant impact on the Edgewater neighborhood, bringing new residents and businesses to the area and helping to further develop the neighborhood.
Additional Thoughts
The development of the new condo-hotel project in Edgewater is a sign of the growing popularity of the neighborhood. Edgewater is a rapidly developing neighborhood that is attracting new residents and businesses for a variety of reasons, including its waterfront location, its proximity to downtown Miami, and its vibrant arts and culture scene.
The new condo-hotel project is expected to further boost the appeal of the Edgewater neighborhood and make it even more desirable for people to live and work in.
