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700 Edgewater Development LLC
Missoni Baia Rendering
Renderings of OKO Group's Missoni Baia at 777 NE 26th Terrace in Edgewater have been obtained by broker Michael Light.
The 56 story luxury condominium is designed by Asymptote Architecture along with Luis Revuelta of Revuelta Architecture.
The building will only have 146 units and price will range from $1.675 to $3.9 million.
700 Edgewater Site
A sales center has been built at the 700 Edgewater site located at 700 NE 26th and is expected to open next week.
Developer OKO Group has spent $39 million assembling land in the area and began demolishing houses on the site in September 2015. The 12 story Electra on the Bay was demolished with an implosion in October 2015.
According to The Next Miami, a 649 foot tower was approved by the FAA and plans should be revealed soon.
Update: The condo will be branded by fashion house Missoni and will have 146 units from two to four bedrooms, according to The Real Deal.
Completed, Proposed and Under Construction Projects in Edgewater
In the Edgewater district of Miami, just North of Downtown Miami and located next to Biscayne Bay, was full of many early 20th Century homes in the style of classical revival. By the 1990's and early 2000's crime and homelessness was rampant in the area, but has undergone a dramatic change in recent years.
Recently, many of the mid-rise apartments and single family homes have been torn down and replaced with luxury high-rises on Biscayne Bay. Developers such as The Related Group and Melo Group have built condos in the area and put their stamp on the area that is dramatically changing the Miami skyline.
Condos that have been completed in the past year are Bay House and Icon Bay.
Condos that are currently under construction in Edgewater are The Crimson, which is nearly complete, Biscayne Beach, 2500 Biscayne, 26 Edgewater and the Paraiso mega project that includes, Paraiso Bay, One Paraiso, Gran Paraiso and Paraiso Bayviews.
Several projects in the Edgewater district have been proposed and are waiting to start construction in the near future. The 57 story Elysee will be the tallest building in Edgewater and has already opened a sales center nearby. 700 Edgewater recently demolished several buildings on a block of waterfront land and plan to reveal soon what they will build on the site. On the Northern section of Edgewater proposed buildings such as Spark Tower and The Bentley Hotel & Residences hope to break ground before the end of the year. An entire block was purchased last year by Miami Sunrise Properties, which includes a Wendy's restaurant on the site that will probably be flipped in the next year or two to a developer. Miami Sunrise Properties has already flipped land in West Brickell and signs indicate they will do the same with the Edgewater land.
Even with new condos popping up in the area, more condos will presumably be on the way as prime land in the area is still available in this desirable part of Miami.
On Saturday morning at exactly 9:00am, Electra on the Bay in Edgewater came down very quickly in an implosion. The implosion created a loud noise and the building was completely down in about 3 seconds. Dust and smoke filled the sky. All that remained was the pool deck, which can be taken down with bulldozers.
Read MoreElectra on the Bay in Edgewater
On October 24 at 7:30am demolition will begin to demolish the 12 story Electra on the Bay in Edgewater.
Demolition on the other homes and buildings on the block began in September and Electra on the Bay is the last building to be destroyed before construction on a new tower can start.
The land is owned by 700 Edgewater Development who is connected to Russian Oleg Baybakov. They have plans to build a 649 foot tower on the lot.
Demolition is happening in emerging Edgewater district of Miami on the block of NE 26th Street and NE 5th Avenue next to the water. The land is owned by Russian developer Oleg Baybakov who purchased a 58 unit apartment unit for $21.5 million last year. The 12 story apartment is located at 700 NE 26th Street and is in the process of being torn down as seen in the photo below. Baybakov has spent almost $39 million assembling property in this area.
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