Edgewater, Miami, September 3, 2025
News Summary
New York‑based sponsors SB Development Group and Hazelton Capital Group secured a $170 million construction and land loan from Bravo Property Trust to finance Cove Miami, a planned 40‑story luxury condominium on Biscayne Bay in Edgewater. The tower will offer 134 residences with floor‑to‑ceiling windows and expansive terraces, with architecture by Kobi Karp and Dieguez Fridman. Sales, handled exclusively by OneWorld Properties, report asking prices from about $900,000 to $4,000,000 and roughly 30–40% presold. The financing allows construction to advance and supports the project’s extensive waterfront amenities and luxury positioning.
$170 Million Secured for Cove Miami Construction; 40‑Story Condo Tower Moves Forward in Edgewater
What happened: New York‑based developers SB Development Group and Hazelton Capital Group secured a $170 million construction and land loan from Bravo Property Trust to finance Cove Miami, a planned 40‑story luxury condominium tower in Miami’s Edgewater neighborhood.
Key financing and sponsor details
The loan comes from Bravo Property Trust, the bridge and construction lending arm affiliated with Bravo Capital and led by founder and CEO Aaron Krawitz. Since its founding in 2021, the lending platform has originated more than $1.8 billion in financing. Sponsor teams on the project are SB Development Group, co‑founded by Joseph Stern, and Hazelton Capital Group, where Adam Westreich serves as a principal.
Project basics and timeline
Cove Miami will rise 40 stories on a site that fronts Biscayne Bay in Edgewater. The tower is planned to contain a limited collection of 134 luxury residences, ranging from one‑ to four‑bedroom layouts. Residences will emphasize light and views with floor‑to‑ceiling windows and expansive wrap‑around terraces, and the design will incorporate curated natural elements to connect units with the waterfront setting. Architectural teams include Kobi Karp and Buenos Aires‑based Dieguez Fridman. Construction completion is targeted for 2028.
Market positioning and sales
Sales for Cove Miami were launched roughly two years ago. Reported asking prices span from about $900,000 to $4,000,000, and the buyer mix has been reported as mostly foreign investors plus local end users. The project was described as being roughly 30 to 40 percent presold at the time financing was secured. Sales and marketing efforts are being handled by OneWorld Properties as the exclusive sales team, and project renderings were produced by CRAFT and DARKROOM. Planned street addresses include 456, 480 and 496 Northeast 29th Street.
Amenities and services
Cove Miami’s amenity program is extensive and oriented to a luxury, waterfront lifestyle. Highlights include:
- Infinity pool with private cabanas
- Tranquility Spa with cold plunge, massage rooms, traditional hammam and sauna
- State‑of‑the‑art fitness center, indoor and outdoor yoga areas
- Rooftop lounge with outdoor kitchen and panoramic views of Biscayne Bay
- Private dining room with chef’s kitchen and a Grand Theater
- Game and billiards room, library and wine room, and a pet spa
- Dock access for water sports, an on‑site waterfront restaurant
- Shared co‑working spaces and private office suites
- Exclusive resident services such as on‑demand healthcare through LEAA and Zipcar car‑sharing
Why the loan matters
Securing construction financing has taken on new importance as interest rates and lending standards have tightened. The new loan will allow the sponsors to move deeper into construction and advance a project that targets a price band with limited new supply: residences in the roughly $1 million to $2 million range. Lenders cited sponsor experience and an appetite for larger, higher‑quality loans as key underwriting considerations.
Local development context
Cove Miami sits amid an active pipeline in Edgewater. The site is adjacent to a planned branded tower called Villa Miami, and the neighborhood has other large proposals and recent land buys. Nearby projects include a 38‑story, 324‑unit apartment tower that received a roughly $210.5 million construction loan this year, as well as recent condo development land sales in the neighborhood. Edgewater continues to see multiple new residential projects totaling thousands of planned units, keeping development momentum strong along Biscayne Bay.
Construction and market outlook
With the loan in place, sponsors expect construction activity to advance toward the planned 2028 completion window. The project aims to capture buyers seeking waterfront residences with extensive amenities and premium finishes. Market variables such as interest rates, lending rules and maintenance cost trends will influence buyer demand and long‑term ownership costs, consistent with broader condominium market dynamics.
FAQ
1. What is Cove Miami?
Cove Miami is a planned 40‑story luxury condominium tower in the Edgewater neighborhood of Miami with 134 residences ranging from one to four bedrooms.
2. Who are the project sponsors and lender?
The sponsors are SB Development Group and Hazelton Capital Group. The construction and land loan was provided by Bravo Property Trust, the lending affiliate of Bravo Capital.
3. How much financing was secured?
The project secured $170 million in construction and land financing.
4. When is the project expected to be completed?
Construction completion is targeted for 2028.
5. What amenities will Cove Miami offer?
Amenities include an infinity pool with cabanas, a full spa with cold plunge and hammam, fitness and yoga areas, rooftop lounge, private dining room, Grand Theater, game room, library and wine room, pet spa, dock access and an on‑site waterfront restaurant, along with co‑working and private offices for residents.
6. How much are units asking for and how many are presold?
Asking prices have been reported between about $900,000 and $4,000,000. The development was reported to be approximately 30–40% presold at the time financing closed.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $170,000,000 |
| Lender | Bravo Property Trust (affiliate of Bravo Capital) |
| Sponsors | SB Development Group; Hazelton Capital Group |
| Location | Edgewater, Miami — waterfront on Biscayne Bay |
| Height / Units | 40 stories; 134 residences (1–4 bedrooms) |
| Architects | Kobi Karp; Dieguez Fridman |
| Completion target | 2028 |
| Price range (reported) | Approximately $900,000 to $4,000,000 |
| Presale status (reported) | ~30–40% presold |
| Sales team | OneWorld Properties (exclusive) |
Deeper Dive: News & Info About This Topic
Additional Resources
- Profile Miami Real Estate: SB Development Group and Hazelton Capital Group Secure $170 Million for Cove Miami
- Wikipedia: Cove Miami
- ConnectCRE: Development duo lands $170M financing for Biscayne Bay condos
- Google Search: Cove Miami
- The Real Deal: SB Development, Hazelton score $170M construction loan
- Google Scholar: Cove Miami
- Miami Herald: Cove Miami / Edgewater development coverage
- Encyclopedia Britannica: Edgewater, Miami
- South Florida Agent Magazine: Villa Miami loan (neighboring project)
- Google News: Cove Miami
Author: Construction FL News
FLORIDA STAFF WRITER The FLORIDA STAFF WRITER represents the experienced team at constructionflnews.com, your go-to source for actionable local news and information in Florida and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florida Build Expo, major infrastructure projects, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated Builders and Contractors of Florida and the Florida Home Builders Association, plus leading businesses in construction and legal services that power the local economy such as CMiC Global and Shutts & Bowen LLP. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructiontxnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
