SBE, Black Salmon, Constellation & Boschetti Group Team Up for 229-Unit Branded Condo Tower in Miami’s Edgewater

Key Points

• Hospitality entrepreneur Sam Nazarian of SBE Entertainment Group, where Marc Anthony is a partner, is teaming up with Black Salmon, Boschetti Group, and Constellation Group for HQ Hotels & Residences, a new branded 35-story, 229-unit condo tower at 422 NE 29th Street in the Edgewater neighborhood of Miami.

• Unit sales will launch with entry prices around $850,000, with an average price targeting about $1.5 million. 

• The project targets Millennials, Gen Z and Latino/Hispanic buyers and aims to fill a gap between short-term-rental friendly condos and ultra-luxury $3M+ units.

Project Details & Positioning

• The development team includes Black Salmon, Boschetti Group, and Constellation Group. Their sales & marketing agent is The Agency (Mauricio Umansky & Santiago Arana).

• The building will offer units from one to three bedrooms, sized between ~721 to 2,074 sq ft, with eight penthouses. 

• Construction could begin by September next year, with a ~30-month timeline. Build budget is estimated at ~$1,100-$1,200 per sq ft, with presales launching at roughly $1,400 per sq ft. 

Why This Matters for Landlords & Brokers

• Branded-residential trend: The HQ brand (via Sam Nazarian’s sbe platform) moving into residential underscores growing investor appetite for hospitality-infused condo projects.

• Mid-luxury gap: The pricing around $850K entry positions the project in a more accessible segment than ultra-luxury towers, potentially broadening the buyer pool in an Edgewater market saturated with high-end units.

• Targeted demographics: By focusing on Millennials/Gen Z and Latino/Hispanic buyers, the project aligns with demographic shifts and may open amenities and sales strategies suited to younger, socially oriented buyers.

• Amenities & lifestyle: The branding suggests elevated lifestyle, wellness, F&B and entertainment amenities—features that help distinguish a development in a dense condo market and support higher per-unit values.

Investor Takeaway

For investors and brokers aligned with the Miami condo market, this development signals that:

• Lifestyle-branded residential projects remain a differentiator in crowded urban submarkets.

• There is demand and strategic value in targeting the “upper-middle” segment between mass-market rentals and ultra-luxury condos.

• Proximity to transit, neighborhood growth (Edgewater), and demographic targeting will be key value drivers going forward.