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Press August 19, 2015

Condo builder buys land in Edgewater for next project

Condo developer Spider acquired property in Edgewater

Condo developer Spider acquired property in Miami’s booming Edgewater neighborhood to set the stage for another project.

The company led by Andres Goldenberg acquired four parcels totaling 27,000 square feet at 113 and 123 N.E. 25th Street for $4.4 million. The sellers were Monika Huntzinger and 113 NE 25th Street LLC, managed by attorney Jeffrey M. Perlow. There are currently small residential buildings on the property.

The price equates to $163 per square feet. It’s located about three blocks west of Biscayne Bay.

Given the current zoning, Spider’s project could climb up to 12 floors with over 90 units. Its plans there are in the preliminary stages.

The company has made three land acquisitions in Miami in the past six months. It recently announced plans for the 56-unit Spark condo tower at 522 to 526 N.E. 34th Street in Edgewater.

“We are committed to be a strategic residential real estate investor and developer which helps to positively shape the future of Miami’s burgeoning markets,” Goldenberg said. “Miami is a world-class city with great potential for growth in residential products that boast points of strategic differentiation.”

Located just north of downtown Miami, the Edgewater neighborhood has drawn the attention of condo builders such as Melo Group and the Related Group for its views of Biscayne Bay and proximity to shopping and entertainment areas such as the Miami Design District, Wynwood and Midtown.

Spider also owns a 22,000-square-foot site at 8011 to 8035 Harding Avenue in Miami Beach.

Source: Brian Bandell Senior Reporter | South Florida Business Journal


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