MIAMI—Miami real estate prices are rising and investment is pouring into South Florida at a rapid clip. It's against that backdrop that East Edgewater's newest luxury condo continues its ascension.

Vertical construction at Biscayne Beach, a 51-story waterfront tower located at 711 NE 29th Street along Biscayne Bay, has surpassing the fifth-floor level. With one full level expected to be completed every week for the next 42 weeks, the 399-unit project is on track to top-off construction and deliver in 2016.

But Biscayne Beach, a 51-story waterfront tower, is bringing something a little different to Miami's urban core: a private man-made beach. Biscayne Beach is about 95% sold. Preconstruction prices for Biscayne Beach's penthouse units range from $2 million and up.

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