SB Development and Hazelton Capital Group have selected the Eklund-Gomes Team from Douglas Elliman to lead sales and marketing for their planned Edgewater condominium tower, according to a March 17 announcement.
The decision marks a new phase for the Cove Residences, a 40-story building with 134 units set for the waterfront at 456 Northeast 29th Street in Miami. The developers secured a $170 million construction loan in September and plan to begin construction later this month, said Joseph Stern, principal and co-founder at SB Development. Sales initially launched in 2023 with Peggy Olin’s OneWorld Properties.
Stern said that OneWorld “did a lot of the heavy lifting getting us to a place where we can close on construction financing and break ground.” He did not disclose how many units remain available but noted that lenders typically require projects to be at least 30 percent presold before providing loans.
The buyer profile has shifted over the past year from mainly Latin American buyers to domestic purchasers. Remaining units are priced starting at $900,000. Stern described the project as “thoughtfully scaled,” offering affordable luxury with one- to four-bedroom condos featuring wraparound terraces.
Construction is expected to finish in 2028. The developers have opened a two-story sales center and registered more than 500 people for an upcoming groundbreaking event this week. The building is being designed by Kobi Karp Architecture & Interior Design along with Dieguez Fridman Architects. Planned amenities include a waterfront pool, fitness center, theater, gaming area, and shared workspaces. SB Development and Hazelton Capital Group acquired the site for $12.2 million in 2021. The location is adjacent to Terra’s Villa Miami tower, which is also under construction as part of broader residential development in the area.
