2900 Terrace Tops Out Early: 324 Rentals in Edgewater

2900 Terrace, a 324-apartment rental tower at 401 NE 29th Street in Edgewater, topped out about three months ahead of its baseline schedule, Florida YIMBY and Traded reported in late August 2026. Completion is targeted for the fourth quarter of 2027. It is a rental building, so it adds no condos for sale, but it will compete with the Edgewater condos that owners rent out.

The project

Oak Row Equities and LNDMRK Development are the developers, Arquitectonica designed the tower and Coastal Construction is the general contractor, according to Florida YIMBY and Traded. The concrete frame went up at an average of about 1.5 floors a week, per the project manager's account reported by both outlets.

Florida YIMBY's topping-out report describes a 32-story, 362-foot building with 324 rental apartments, 15,536 square feet of ground-floor retail and parking for 504 vehicles. Earlier permit filings and Bisnow's 2025 financing story described 38 stories, so treat the floor count as unsettled until the building is finished.

In 2025 the developers closed a $210.5 million construction financing package: a $142.5 million senior loan from Bank OZK and $68 million of mezzanine debt from Canyon Partners Real Estate, as reported by Bisnow and Florida YIMBY. Bisnow put the apartments at one to three bedrooms, roughly 756 to 1,473 square feet.

Why condo owners in Edgewater should watch it

Its neighbors near NE 29th Street include condo towers such as Icon Bay and Biscayne Beach. In our reading, a new rental building in lease-up tends to set the asking rents that nearby condo landlords compete with.

The condo market it lands in, from Own.Miami's Edgewater market report as of October 13, 2026:

• 532 condos for sale and about 13.7 months of supply, a buyer's market.
• 467 closed sales over the last 12 months, up 23.5% on the year before, at a median $604 per square foot, down 1.4%.
• Sellers accepted a median 92.8% of asking, and 34% of listings have had a price cut.

Nearby buildings show how much lenders still finance in the area: at Icon Bay, built in 2015, 35% of recorded sales in the last 12 months were financed by a regulated lender's purchase loan; at Biscayne Beach, built in 2017, it was 21%. Both closed sales at a median $639 and $847 per square foot respectively over the same period. Their full records are on the Icon Bay and Biscayne Beach pages.

For an owner who rents out a unit nearby, the date to watch is the tower's completion target: the fourth quarter of 2027.