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Spider plans to build a 94-unit condo at 113 and 123 N.E. 25th Street, Miami.

Condo developer Spider wasted no time in filing plans for its latest Miami project after buying land in the Edgewater neighborhood.

On Aug. 19, the company led by Andres Goldenberg paid $4.4 million for the 27,000-square-foot site at 113 and 123 N.E. 25th Street. The land currently has small residential buildings.

Spider recently filed an application with the city to build a 12-story, 94-unit condo on the property. It has yet to be named.

“The biorhythm of investment has changed and the real estate industry needs to adapt by applying metrics to projects that appeal to today’s investor seeking speed to market, and return on investment,” Goldenberg said. “As such, our innovative due diligence process for land acquisitions works simultaneous with activities performed by our task force in advance of deals closing, significantly reducing the timeline for a project from start to finish.”

The property is about three blocks west of Biscayne Bay.

Located just north of downtown Miami, Edgewater has boomed with high-rise residential development in recent years. Developers such as the Related Group and Melo Group are building towering condos on the water or within a block of the bay.

At the same time, Spider has planned the 28-unit Spark condominium at 522 N.E. 34th Street in Edgewater. It also owns 22,000 square feet of land on Harding Avenue in Miami Beach.

Source: Brian Bandell Senior Reporter | South Florida Business Journal

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