Tracing an Edgewater Property's Journey: A Glimpse into the Sales History and Future Potential

Listing Research

This week, we look closer at an Edgewater property with a notable sales history. Located at 423 NE 27th ST, this property was assembled in 2022 by Groupe City, a French developer, for $14.8 million, which included preliminary plans by renowned architecture firm Arquitectonica.

A Surprising Turn of Events

Despite Groupe City's initial plans, the property is now up for sale with an asking price of $25 million. The listing can be found on Crexi and is represented by George Vail of Avison Young Miami and Jim Agard of Vendome Capital LLC.

A Snapshot of the Sales History

The property's sales history is quite captivating. In 2014, it was sold for $2.1 million, then assembled in 2022 for $15 million, and now, it's being offered in 2023 for $25 million.

A Prime Location with Unique Challenges

Situated just a few feet from Biscayne Bay and adjacent to Icon Bay Park, the property is less than half a mile from Midtown and Pace Park. One of its obstacles is that it's affected by a 3-foot storm surge, which likely presented an interesting challenge for Arquitectonica.

Olivia Ramos

Author Olivia Ramos
Founder and CEO of Deepblocks, holds master's degrees in Architecture from Columbia University and Real Estate Development from the University of Miami. Her achievements before Deepblocks include designing Big Data navigation software for the Department of Defense's DARPA Innovation House and graduating from Singularity University's Global Solutions and Accelerator programs.