Architectural rendering of Cove Miami, a 40‑story luxury condominium on Biscayne Bay in Edgewater, showcasing terraces, an infinity pool and waterfront access.
Edgewater, Miami, September 3, 2025
New York‑based sponsors SB Development Group and Hazelton Capital Group secured a $170 million construction and land loan from Bravo Property Trust to finance Cove Miami, a planned 40‑story luxury condominium on Biscayne Bay in Edgewater. The tower will offer 134 residences with floor‑to‑ceiling windows and expansive terraces, with architecture by Kobi Karp and Dieguez Fridman. Sales, handled exclusively by OneWorld Properties, report asking prices from about $900,000 to $4,000,000 and roughly 30–40% presold. The financing allows construction to advance and supports the project’s extensive waterfront amenities and luxury positioning.
A $170 million construction and land loan has been provided to two New York‑based developers to build a 40‑story luxury condominium tower on Biscayne Bay in Miami’s Edgewater neighborhood. The loan was extended by a bridge and construction lending platform that launched in 2021 and has since originated more than $1.8 billion in financing.
The borrowers are a partnership between two New York development firms. The capital comes from a lending arm affiliated with a commercial real estate platform led by its founder and CEO. The financing covers both construction and the land for the project, called Cove Miami, which will sit directly on the bayfront and offer waterfront access and amenities.
Cove Miami will rise 40 stories and will contain a limited collection of 134 residences, with one‑ to four‑bedroom layouts. Units are designed with floor‑to‑ceiling windows, large wrap‑around terraces and natural materials meant to connect interiors with the bayfront setting. The development team named a Miami firm and a Buenos Aires‑based studio as the architecture partners. Visuals supporting the project were created by two prominent rendering studios.
The building’s amenity list is extensive and targeted at high‑end buyers. Planned offerings include an infinity pool with private cabanas, a Tranquility Spa with cold plunge and a traditional hammam, massage rooms, sauna, and a full wellness and fitness complex with indoor and outdoor yoga areas. Social and entertainment spaces will include a rooftop lounge with panoramic bay views and an outdoor kitchen, a Grand Theater, game and billiards room, library and wine room, and a private dining room with a chef’s kitchen. For practical needs, the project will offer dock access for water sports, a pet spa, co‑working spaces and private office suites. An on‑site waterfront restaurant is also planned. Exclusive resident services will feature on‑demand healthcare and a car‑sharing program.
Sales launched roughly two years ago and the development is reported to be between about 30 and 40 percent presold. Asking prices for units have been reported in a wide range, from roughly $900,000 up to about $4,000,000. The expected completion date is slated for 2028. The buyer pool is reported to be a mix of local end users and foreign investors. An exclusive sales team has been named to handle marketing and sales.
Company leaders described the loan as a major milestone and framed the project as a response to limited supply in the $1 million to $2 million segment of Miami’s market. The lending platform’s leadership noted a focus on larger financing for sponsors with proven experience. Developers said securing the loan was challenging because of the higher interest rate environment but that they persisted until the financing was in place.
The Cove Miami site fronts Biscayne Bay and occupies addresses on Northeast 29th Street. It sits adjacent to other planned towers, including a branded tower tied to national hospitality and food operators and a tall condo project by another developer. Edgewater continues to see a cluster of new developments and thousands of planned residential units, with recent large construction loans and land purchases reported across the submarket.
The broader Miami condo market has been reshaped by rising operating and reserve costs, tighter lending standards for some buyers, and sustained interest from foreign purchasers. Developers continue to position projects that blend luxury amenities with waterfront locations to stand out in a busy pipeline. The Cove Miami team is pitching the project as distinct from typical luxury towers, emphasizing large terraces, natural design elements and a deep amenity roster aimed at lifestyle buyers.
With the construction and land loan in place, site work and vertical construction are expected to move forward toward the 2028 completion target. Sales will continue as units are built, supported by the named exclusive sales team and project marketing materials developed by the rendering studios.
Cove Miami is a planned 40‑story luxury condominium tower on Biscayne Bay in Miami’s Edgewater neighborhood, featuring 134 residences and a wide range of upscale amenities.
A bridge and construction lending platform affiliated with a commercial real estate group provided a combined construction and land loan of $170 million.
Two New York‑based development firms are partnering on the project. They serve as the project sponsors and developers on site.
Residences will be one‑ to four‑bedroom units, with reported asking prices in a range from roughly $900,000 to about $4,000,000.
Construction completion is planned for 2028.
The project was reported to be approximately 30–40 percent presold at the time of the financing announcement.
Amenities include an infinity pool with cabanas, a spa with cold plunge and hammam, rooftop lounge, Grand Theater, co‑working spaces, dock access and an on‑site waterfront restaurant.
| Feature | Details |
|---|---|
| Project name | Cove Miami |
| Location | Edgewater, Miami — bayfront site on Biscayne Bay |
| Height | 40 stories |
| Units | 134 luxury residences (1–4 bedrooms) |
| Financing | $170 million construction and land loan |
| Lender | Bridge and construction lending platform (founded 2021; $1.8B+ originated) |
| Design | Miami and Buenos Aires architecture teams |
| Amenities | Infinity pool, spa with cold plunge, hammam, rooftop lounge, Grand Theater, co‑working, dock access, waterfront restaurant |
| Sales status | ~30–40% presold; sales launched about two years ago |
| Price range | Approximately $900,000 to $4,000,000 |
| Estimated completion | 2028 |
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