Related Group makes move on Biscayne Bay condo site

07/22/2011

The Edgewater area, where the site [Onyx 2] is located, is poised to make a comeback and has a lot of buyers interested in it, said Adam Greenberg, managing director of Miami-based BayBridge Real Estate Group BayBridge Real Estate Group. Given that the Paramount Bay condo is set to launch sales soon, it makes sense to hold the site for a few years before developing it, or to build rentals there, Greenberg said. It would probably take prices of $325 a square foot to make money on new construction, he added.

“It remains to be seen if you can sell units in Edgewater for that much,” Greenberg said. “But remember what Brickell looked like a year ago, and now look at Brickell.”

For the FULL article from South Florida Business Journal by Brian Bandell, please click HERE.

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