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.
Cove Miami scores $170 million construction and land loan for 40-story Edgewater condo
A $170 million construction and land loan has closed to fund the Cove Miami condominium tower in Miami’s Edgewater neighborhood. The financing was provided by Bravo Property Trust, the construction and bridge lending platform affiliated with Bravo Capital, and will fund construction of the 40-story waterfront project developed by SB Development Group and Hazelton Capital Group.
Key deal details and financing background
The lender, Bravo Property Trust, was launched in 2021 and has since originated more than $1.8 billion in loans. The group is led by its founder and CEO, who heads Bravo Capital and the lending affiliate. The two New York-based developers secured the loan to continue site work and vertical construction on the tower that fronts Biscayne Bay.
Developer and lender perspectives
Project leaders described the closing as an important milestone for the development. The financing came after a sales launch that began roughly two years earlier, and developers pointed to a difficult market backdrop when arranging construction credit. They noted higher interest rates and tighter lending conditions made the loan harder to secure, and emphasized persistence and the project’s market positioning as factors that helped win the deal.
Project overview: location, scale and design
Cove Miami will rise 40 stories on a site that faces Biscayne Bay in Edgewater and will include a limited collection of 134 luxury residences. Units will range from one- to four-bedrooms and feature floor-to-ceiling windows, expansive wrap-around terraces and natural design elements intended to connect interiors with the waterfront surroundings. Architectural work comes from Kobi Karp and the Buenos Aires-based firm Dieguez Fridman. Renderings for the project were produced by CRAFT and DARKROOM.
Amenities and services
The tower’s amenity program is extensive and aimed at full-service luxury living. Planned amenities include:
- Infinity pool with private cabanas
- Tranquility Spa with cold plunge, massage rooms and a traditional hammam
- Sauna and state-of-the-art fitness center
- Indoor and outdoor yoga areas and a rooftop lounge with outdoor kitchen and panoramic bay views
- Private dining room with chef’s kitchen, Grand Theater, game and billiards room, library and wine room
- Pet spa, dock access for water sports, on-site waterfront restaurant
- Shared co-working spaces and private office suites for residents
- Exclusive resident services such as on-demand LEAA Healthcare and Zipcar car-sharing
Sales, pricing and timeline
The project’s planned street addresses are listed as 456, 480 and 496 Northeast 29th Street. Units reportedly have asking prices ranging roughly from $900,000 to $4,000,000. The development was reported to be approximately 30% to 40% presold at the time the financing closed, with a buyer mix made up largely of foreign investors and local end users. Developers say construction completion is slated for 2028.
Market context and nearby pipeline
The Cove Miami site sits adjacent to other high-profile plans in Edgewater, including a planned branded tower from a hospitality group and multiple new residential projects. The neighborhood has several large developments in the pipeline, including a 38-story, 324-unit apartment tower that received a $210.5 million construction loan earlier in the year, a recent 1.6-acre condo site purchase for $53 million, and another resale site sale for about $15 million late last year. These moves reflect continued developer interest in Edgewater despite elevated construction costs and tighter lending conditions.
Sales and marketing team
OneWorld Properties will serve as the exclusive sales team for Cove Miami, leading buyer outreach and presales as construction advances.
Why this loan matters
The $170 million facility demonstrates continued lender support for well-positioned, high-end Miami condos even as the broader housing market experiences stricter underwriting and rising operating costs. Developers and lenders involved framed the financing as a vote of confidence in demand for waterfront residences in the $1 million to $2 million range and the broader luxury market in Edgewater.
Frequently Asked Questions
What is the size and scope of Cove Miami?
Cove Miami is a planned 40-story luxury condominium with 134 residences ranging from one to four bedrooms, located on Biscayne Bay in Edgewater.
Who provided the construction financing?
The construction and land loan was provided by Bravo Property Trust, the bridge and construction lending arm affiliated with Bravo Capital.
How much financing was secured?
The project secured a $170 million construction and land loan.
When is the project expected to be finished?
Developers have indicated construction completion is slated for 2028.
What are the asking prices and sales status?
Reported asking prices range from about $900,000 to $4,000,000. The project was reported to be roughly 30% to 40% presold at the time of the financing.
Who is handling sales and marketing?
OneWorld Properties is the exclusive sales team for Cove Miami.
What notable amenities will Cove Miami offer?
A long list of amenities is planned, including an infinity pool with private cabanas, Tranquility Spa with cold plunge and hammam, fitness and yoga areas, rooftop lounge, private dining, Grand Theater, library and wine room, pet spa, dock access, waterfront restaurant and resident co-working spaces.
Key project features
| Feature | Detail |
|---|---|
| Loan amount | $170,000,000 construction and land loan |
| Lender | Bravo Property Trust (affiliate of Bravo Capital) |
| Developers | SB Development Group and Hazelton Capital Group |
| Height | 40 stories |
| Residences | 134 units, 1–4 bedrooms |
| Location | Edgewater, Miami — fronting Biscayne Bay (456, 480 and 496 NE 29th St) |
| Architects | Kobi Karp and Dieguez Fridman |
| Sales team | OneWorld Properties (exclusive) |
| Price range | Approximately $900,000 to $4,000,000 |
| Presales | Reported ~30%–40% presold |
| Completion target | 2028 |
| Renderings | CRAFT and DARKROOM |
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 CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California 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 Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
