Happy Friday, Miami!

In this week’s update:

🌆 T&C Tower Planned in Miami: Peru-based Grupo T&C is planning a 57-story residential tower with a mix of apartments and condos in Miami’s popular Edgewater neighborhood, targeting both local and international buyers interested in Miami real estate.

🌪️ Tropical Storm Warning: Hurricane Rafael intensified into a Category 3 storm before making landfall in Cuba on Wednesday afternoon. Rafael made landfall in the Cuban province of Artemisa just east of Playa Majana with maximum sustained winds near 115 mph as it moved northwest at 13 mph.

🚈 $389M Transit Investment: The Federal Transit Administration, alongside Congresswoman Frederica Wilson, announced a $389 million investment in the Miami-Dade Northeast Corridor Rapid Transit Project. This is the first phase of the 85-mile Coastal Link, connecting Miami-Dade to Broward and Palm Beach counties.

In case you missed it

🎥 Miami's NEW $1B Project That Will CHANGE Brickell’s Skyline

In this video, I will tell you everything you need to know about Miami's new billionaire project that will change Brickell's Skyline forever!

🏢 57-Story Tower Planned in Miami

Driving the news: Grupo T&C, a Peru-based developer, is planning a new 57-story tower with a mix of apartments and condos in Miami’s Edgewater neighborhood. With its prime location, the development aims to attract both local and international buyers interested in owning property in the U.S.

Details:

• Project Overview: Set on a 36,000-square-foot site at 404 to 436 N.E. 35th Street, the proposed tower will feature between 600 and 800 units, offering options for both short-term and long-term rentals. Unit sizes are expected to range from 400 to 1,500 square feet.

• Strategic Location: Edgewater, Miami, is emerging as a hotspot for residential investment, especially among international buyers looking to tap into Miami’s strong real estate and hospitality markets.

• Developer Acquisition: Grupo T&C acquired the property for $15.1 million and will likely seek density bonuses to maximize the site’s potential, given that the previous project approval allowed for only 124 units over 36 stories.

• Sales Center for Edge House Miami: Grupo T&C has opened a sales center for Edge House Miami, a 57-story condo launched earlier this year, with groundbreaking planned for early 2025.

Why it matters: With flexible rental options, including short-term rentals, the project aligns with Miami’s thriving hospitality sector, making it appealing for investors looking to generate rental income. Edgewater’s growing appeal strengthens Miami’s position as a prime location for real estate investment, especially among international buyers.

The big picture: Miami’s Edgewater neighborhood continues to draw international interest, solidifying its place as a key market for real estate development. With both residential and short-term rental options, Grupo T&C’s new project meets the demand for diverse housing options in a rapidly growing area.

What’s next: Grupo T&C plans to file its site plan in early 2025. Meanwhile, sales for Edge House Miami are underway, and construction is expected to start in the first quarter of next year, signaling continued growth in Edgewater’s residential landscape.

The bottom line: Grupo T&C’s latest venture in Edgewater highlights Miami’s enduring appeal for investors and homeowners alike, with flexible options catering to both long-term residents and short-term visitors in this vibrant neighborhood.

Real Estate Insights

What to do this weekend

🎟️ Mocha Fest Miami 2024 (Nov 8-10) – A three-day celebration featuring five parties, including pool parties and nightlife events. Early bird tickets are available for those looking to enjoy this vibrant festival.

⚾️ Choque De Gigantes Baseball Tournament (Nov 8-10) – An inaugural international baseball tournament featuring teams from Venezuela, Puerto Rico, and the Dominican Republic. Attendees can watch six exciting games throughout the weekend.

🎸 Country Bay Music Festival (Nov 9-10) – This festival will feature performances by country music stars including Zac Brown Band and Carrie Underwood. The event promises a lively atmosphere with food vendors and carnival rides.

📽️ Miami Short Film Festival (Nov 8-10) – Showcasing 41 short films from local and international filmmakers, this festival offers a rich cinematic experience over three days.

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-Joe