Edgewater, which has been labeled as Miami's next trendy district, is experiencing a real estate explosion and land prices are soaring, Metro reports. Miami-based Related Cos. recently paid $29 million for a prime site at Northeast 31st Street. That land sold in 2012 for $11.5 million. Related plans to erect a high-rise condominium on the spot.

Separately, Related broke ground a couple of months ago on Icon Bay, a luxury condominium at 428 Northeast 28th Street. The developer launched pre-sales of units last September and is now virtually sold out. Melo Group also has a keen interest in the revitalized neighborhood, with seven condominium and apartment projects lined up in the area.

The Edgewater submarket stretches from Northeast 17th Street north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks.
The area borders trendy Wynwood and the Design District, which is seeing plenty of traction on its own thanks to DACRA's venture to bring in luxury retail icons like Louis Vuitton and Hermes.

The second site Metro sold is located at 4920 NE 2 Avenue in the Buenavista neighborhood, just north of Miami's Design District. The site was sold for $890,000. The undisclosed buyer is also planning to develop a mixed-use project on the 25,437 square foot site. Andolina and Cho represented the seller in this transaction.