# The Cove Residences: 134 Edgewater Condos Under Way Published: 2026-08-26 · Updated: 2026-10-22 · Author: Jeremías Kastensmidt _The 40-story Cove Residences broke ground on the Edgewater bayfront in March 2026, with $170 million in financing and a 2028 target. Its listings ask far more per square foot than neighboring Icon Bay sells for._ 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 {{neighborhood: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](https://floridayimby.com/2026/03/the-cove-residences-breaks-ground-at-456-ne-29th-street-in-edgewater-miami.html) and [PROFILEmiami](https://profilemiami.com/miamirealestate/2026/3/24/the-cove-residences-a-waterfront-collection-officially-launches-sales-and-breaks-ground-in-edgewater). ## 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](https://therealdeal.com/miami/2026/03/17/cove-residences-miami-taps-eklund-gomes-to-lead-condo-sales/), after an earlier presale campaign by One World Properties. ## What the listings ask, and what the block sells for {{building:cove-miami}} 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, {{building: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. {{building:gran-paraiso}} sold at a median of $778 and {{building: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. {{chart:neighborhood_ppsf edgewater}} ## 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](http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0718/Sections/0718.202.html) 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. ## Frequently asked questions **When will The Cove Residences in Edgewater be completed?** The developers target 2028. The tower broke ground in March 2026, with Kaufman Lynn Construction as general contractor. **How many units does The Cove Residences have and what do they cost?** 134 condominiums of one to four bedrooms in a 40-story tower. Prices were reported to start in the $900,000s at the March 2026 sales launch. **Who is developing The Cove Residences?** SB Development and Hazelton Capital Group, with Kobi Karp Architecture & Interior Design and Dieguez Fridman Architects. Bravo Property Trust and IDB provided $170 million in construction and land financing. ## Sources - The Cove Residences Breaks Ground at 456 NE 29th Street in Edgewater, Miami - Florida YIMBY: https://floridayimby.com/2026/03/the-cove-residences-breaks-ground-at-456-ne-29th-street-in-edgewater-miami.html --- Source: Own.Miami — https://own.miami · data as of 2026-10-22 Canonical page: https://own.miami/edgewater/news/the-cove-residences-construction-begins-in-edgewater License: CC BY 4.0 — https://creativecommons.org/licenses/by/4.0/ Methodology: https://own.miami/methodology · For AI assistants: https://own.miami/for-ai