SB Development, Hazelton Capital Launch The Cove Residences in Edgewater With $170M Financing

• SB Development and Hazelton Capital break ground on 40-story, 134-unit waterfront condo tower
• $170M construction and land loan secured ahead of vertical development
• Pricing starts in the $900K range, targeting luxury buyers in Edgewater

Developers move forward after securing financing

SB Development and Hazelton Capital Group have officially broken ground on The Cove Residences, signaling the start of construction after locking in $170 million in financing. The capital stack, backed by Bravo Property Trust and IDB, highlights continued lender appetite for well-located Miami luxury condo projects, even in a tighter financing environment.

Boutique scale sets project apart in crowded condo market

The Cove Residences will rise 40 stories but include just 134 units, positioning it as a low-density luxury asset in a rapidly growing submarket. This smaller unit count creates exclusivity while supporting stronger pricing. For investors and developers, boutique projects like this often outperform in premium waterfront locations.

Waterfront location drives long-term value

The project sits directly on Biscayne Bay in Edgewater, one of Miami’s fastest-growing residential neighborhoods. The site includes both park frontage and direct water access, with the building positioned just 25 feet from the seawall. Waterfront inventory in Miami remains limited. That scarcity continues to push pricing higher, especially for new construction with unobstructed views.

Luxury features target high-end buyers

Residences will range from one- to four-bedroom layouts with floor-to-ceiling glass and wraparound terraces. Interiors are designed around indoor-outdoor living, a key demand driver in South Florida. Amenities will include a waterfront pool, wellness areas, coworking space, and private docking. These features align with what today’s buyers expect in top-tier condo developments.

Sales strategy shifts as project gains momentum

Sales are now being led by the Eklund | Gomes team at Douglas Elliman Development, replacing the earlier brokerage team. The shift comes as the project transitions from presales into active construction. This move signals confidence from developers. Changing sales teams at this stage often reflects a push to accelerate absorption and pricing as construction progresses.

What this means for condo and multifamily investors

The Cove Residences reflects a clear trend in Miami. Developers are focusing on smaller, luxury waterfront projects with strong pricing power rather than large-scale inventory plays. For investors, Edgewater continues to emerge as a key submarket. Limited waterfront supply, combined with strong migration trends, is driving long-term value and making projects like this highly competitive.