The Cove Residences: 134 Edgewater Condos Under Way

SB Development and Hazelton Capital Group broke ground in March 2026 on The Cove Residences, a 40-story tower of 134 condos at 456 NE 29th Street on the Edgewater bayfront. Sales opened at the same time, with prices reported from the $900,000s, and the developers target completion in 2028. The project closed $170 million in construction and land financing from Bravo Property Trust and IDB, according to Florida YIMBY and PROFILEmiami.

The project in numbers

• Size: 40 stories, 134 residences of one to four bedrooms. A 2023 version of the plan had 116 units.
• Team: Kobi Karp Architecture & Interior Design and Dieguez Fridman Architects, with Kaufman Lynn Construction as general contractor.
• Site: about 25 feet from the seawall, with park frontage and a private docking amenity.
• Sales: Douglas Elliman's Eklund Gomes team took over sales in March, The Real Deal reported, after an earlier presale campaign by One World Properties.

What the listings ask, and what the block sells for

The Cove Residences already shows up on the MLS. On September 15, 2026, six units were listed at a median of $1.95 million, or $1,067 per square foot.

The finished towers around it trade well below that. Next door, Icon Bay recorded 20 sales in the 12 months to October 2026 at a median of $639 per square foot, with about seven months of supply. Gran Paraiso sold at a median of $778 and Biscayne Beach at $847. For the whole of Edgewater, 490 condos sold over the past year at a median of $605 per square foot, against 531 listings, about 13 months of supply. Our Market Index for the neighborhood is 35, which leans toward buyers.

Why it matters to buyers

You are paying for new. A $1,067 asking price is roughly two thirds above what Icon Bay, built in 2015 on the same stretch of bay, actually sells for. That premium covers a new building built to the current hurricane code. It is not a price the neighborhood has proven at resale.

Financing comes later. Pre-construction buyers pay deposits during construction and need a loan, or cash, at closing in 2028. At Icon Bay, 35 percent of recorded sales used bank financing, with down payments as low as 10 percent. A new tower has no such record until it delivers.

The deposit is the risk. Under section 718.202 of Florida law, the first 10 percent of the price goes into escrow. Anything above that can be spent on construction once work has begun, if the contract says so in a bold legend. Look for that clause before signing.

Timing. Ground broke in March 2026. A 2028 target leaves about two years of construction, and schedules in Miami often move.