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 Construction and Land Loan Secured for Cove Miami
Developers have closed a major financing package to build a new waterfront condo tower in Miami’s Edgewater neighborhood. New York–based SB Development Group and New York–based Hazelton Capital Group obtained a $170 million construction and land loan from Bravo Property Trust to advance the 40‑story Cove Miami project.
What the financing covers and who provided it
The loan, provided by Bravo Property Trust, another arm of Bravo Capital’s lending platform, will fund construction and land costs for the tower that fronts Biscayne Bay. The lending platform was launched in 2021 and has originated more than $1.8 billion in financing since its founding. Leadership at the lending firm says the platform seeks large sponsorships backed by experienced developers.
Project overview: scale, location and timeline
Cove Miami is planned as a 40‑story luxury condominium at three planned street addresses on Northeast 29th Street. The site sits along the shores of Biscayne Bay in Edgewater and will contain a limited collection of 134 luxury residences. Units will range from one‑ to four‑bedroom layouts with floor‑to‑ceiling windows, expansive wrap‑around terraces and natural design elements intended to connect residents with the waterfront setting.
Developers report the project was between roughly 30% and 40% presold at the time of the financing, and construction completion is scheduled for 2028. Reported asking prices span approximately $900,000 to $4,000,000, and the buyer mix is described as primarily foreign investors and local end users.
Amenities and services
Cove Miami’s planned amenity program is extensive and tailored to luxury waterfront living. Highlights include an infinity pool with private cabanas, a Tranquility Spa that offers a cold plunge, massage rooms, a traditional hammam and a sauna. The tower will also feature a state‑of‑the‑art fitness center, indoor and outdoor yoga areas, a rooftop lounge with an outdoor kitchen and panoramic bay views, a private dining room with a chef’s kitchen, a Grand Theater, game and billiards rooms, a library and wine room, and a pet spa.
For waterfront access, Cove Miami will provide dock facilities for water sports and include an on‑site waterfront restaurant. Work‑from‑home needs are addressed with shared co‑working spaces and private office suites. Exclusive resident services will include on‑demand healthcare and car‑sharing options.
Design, sales and marketing
Architectural design work is led by Kobi Karp with collaboration from a Buenos Aires‑based firm. Project images and visualizations were produced by specialist rendering teams credited for the development’s marketing materials. OneWorld Properties is named as the exclusive sales team handling listings and buyer inquiries.
Market context and development landscape
The Cove Miami site sits adjacent to a planned branded tower and amid a growing pipeline of projects in Edgewater, where multiple developers are pursuing sizable residential buildings. Recent activity in the neighborhood includes high‑value land purchases and large construction loans for nearby towers. Developers say the Cove project responds to a limited supply of well‑located units in the roughly $1 million to $2 million range and to rising demand for high‑end residences near the bay.
Financing conditions and developer remarks
Developers characterize the financing environment as more challenging than in prior cycles, citing higher interest rates and tighter lending conditions. Despite those headwinds, the sponsor teams secured the construction and land loan to push the project forward. Lender leaders note a preference for large, experienced sponsors and projects that address clear market demand.
Next steps
With financing in place, site work and vertical construction are expected to proceed toward the projected 2028 completion. Sales and marketing will continue as units are delivered, and the development team plans to continue coordinating permitting, construction sequencing and amenity build‑outs through the build‑out period.
Frequently Asked Questions
Q: How much financing was secured for Cove Miami?
A: The development secured a $170 million construction and land loan.
Q: Who provided the loan?
A: The loan was provided by Bravo Property Trust, a construction and bridge lending platform affiliated with Bravo Capital.
Q: What is the size and scope of the project?
A: Cove Miami is a 40‑story luxury condominium with 134 residences ranging from one to four bedrooms, located on the shores of Biscayne Bay in Edgewater.
Q: When is completion expected?
A: Construction completion is slated for 2028.
Q: What amenities will Cove Miami offer?
A: Amenities include an infinity pool with cabanas, a full spa with cold plunge and hammam, fitness center, indoor and outdoor yoga, rooftop lounge, private dining and chef’s kitchen, Grand Theater, game rooms, library and wine room, pet spa, dock access and an on‑site waterfront restaurant. Additional services include on‑demand healthcare and car‑sharing.
Q: Who is handling sales and marketing?
A: OneWorld Properties is the exclusive sales team for the project.
Q: What price range have units been listed at?
A: Reported asking prices range roughly from $900,000 to $4,000,000.
Key Project Features
| Feature | Details |
|---|---|
| Loan amount | $170,000,000 |
| Lender | Bravo Property Trust (affiliate of Bravo Capital) |
| Developers | SB Development Group and Hazelton Capital Group |
| Height | 40 stories |
| Units | 134 residences (1–4 bedrooms) |
| Planned addresses | 456, 480 and 496 NE 29th Street |
| Location | Edgewater, Miami — waterfront on Biscayne Bay |
| Price range (reported) | Approximately $900,000 to $4,000,000 |
| Presales | About 30%–40% presold |
| Completion (planned) | 2028 |
| Architects / Design | Kobi Karp with collaboration from a Buenos Aires-based firm |
| Sales team | OneWorld Properties (exclusive) |
| Amenities | Infinity pool, spa, sauna, fitness center, rooftop lounge, theater, library, pet spa, dock access, waterfront restaurant, co-working and private offices |
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 TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas 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 Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
