Edgewater site listed for $7M after cancel condo project

Spider Investments just listed the site of Spark, a canceled condo project in Edgewater, for $7 million,  a 27-story, 54-unit condo building at 522 Northeast 34th Street, in 2015. The developer canceled plans for the project after reaching 50 percent in presales, and returned buyers’ deposits.

The lot is 16,500-square-foot shovel-ready site. With 88,582 sellable square feet, the property is asking about $79 per buildable square foot. Approved plans for the property include retail on the ground floor, four levels of parking and a recreation level with a pool on the sixth floor, included two penthouses and a sky terrace, with units ranging from 955 square feet to nearly 1,900 square feet. According to marketing materials, the estimated construction cost for the approved project is $29.6 million and the total cost is $36.6 million. The projected gross revenue is $52.7 million, with a projected profit of about $11.4 million.

Property records show the developers paid $3.55 million for the three lots at 522, 526 and 530 Northeast 34th Street in 2014.

Source credit the Real Deal South Miami

Photo Credit Spark condo development rendering