Cove Miami Secures $170M Construction Loan in Eleventh-Hour Financing Win
In a dramatic turn of events, Cove Miami—a highly anticipated 40-story luxury condominium planned for Miami’s Edgewater neighborhood—has officially secured a $170 million construction and land loan from Bravo Property Trust, an affiliate of Bravo Capital. The deal, announced in early September 2025, represents a major milestone for the project after weeks of uncertainty that left many in the industry questioning whether financing would come together. Despite launching sales roughly two years ago and reaching between 30 and 40 percent presales, the development team had faced significant challenges securing debt in today’s high-interest-rate environment.
Located at 456 NE 29th Street along Biscayne Bay, Cove Miami will rise 40 stories and bring 134 one- to four-bedroom residences to one of the fastest-growing districts in Miami. The design is a collaboration between Kobi Karp Architecture & Interior Design and Buenos Aires–based Dieguez Fridman, blending sleek glass architecture with bayfront living. Prices range from approximately $900,000 to nearly $4 million, appealing to a high-end buyer demographic in a market segment that continues to show strong demand despite broader economic headwinds. Completion of the project is currently slated for 2028.
Beyond its striking design and coveted location, Cove Miami promises an array of luxury amenities designed to elevate the resident experience. Plans include a waterfront infinity-edge pool with cabanas, a full spa with massage rooms, sauna, hammam, and cold plunge, as well as a state-of-the-art fitness center, indoor and outdoor yoga studios, and a rooftop lounge overlooking Biscayne Bay. Social and lifestyle features include a wine and library lounge, a private dining room with chef’s kitchen, a grand theater, and game rooms, while modern conveniences such as co-working spaces, private office suites, an on-site restaurant, dock access for water sports, and even LEAA on-demand healthcare highlight the project’s comprehensive approach to urban luxury living.
The $170 million financing package was arranged by Bravo Property Trust, a lending platform backed by Bravo Capital that has originated over $1.8 billion in loans since 2021. Bravo’s leadership highlighted the importance of backing experienced developers with bold, high-quality projects, underscoring confidence in Miami’s high-end condo market at a time when financing has become increasingly selective.
Cove Miami also arrives amid a broader development surge in Edgewater, a neighborhood that has transformed into one of Miami’s most desirable luxury condo markets. Just blocks away, Villa Miami, a branded tower by Major Food Group, is underway, while Oak Row Equities recently secured a $210.5 million construction loan for 2900 Terrace, a 38-story, 324-unit project. Together, these projects reflect both the resilience of Miami’s luxury housing market and the growing appeal of Edgewater as the city’s next major real estate hotspot.
The successful financing of Cove Miami signals more than just progress for one project—it demonstrates continued investor faith in Miami’s luxury condo market and in Edgewater’s rapid evolution. Despite an uncertain lending environment, determined developers and strategic financial partners are ensuring that some of the city’s most ambitious projects not only break ground but also redefine Miami’s skyline in the years to come.
Cove Miami in Edgewater: Condo Reservations Converted to Contracts, Construction Set to Begin in 2025
Miami’s Edgewater neighborhood is poised to welcome a new architectural marvel: Cove Miami, a luxurious 40-story condominium tower that has officially converted reservations into contracts. The project, which has attracted significant attention from buyers, is set to begin construction in the first quarter of 2025, according to a recent announcement from its developers. This milestone marks a pivotal moment in the development, as plans become a reality and the future of Edgewater’s skyline takes another step forward.
The development of Cove Miami has generated buzz from the outset, and the transition from reservations to contracts only underscores the strong demand for this project. According to a press release, even before formalizing contracts, interest in the 134 planned condominium units was substantial. The reservation process allowed potential buyers to secure their spot in one of the most desirable new developments in the city.
This high level of demand speaks to the growing appeal of Edgewater as one of Miami’s most sought-after neighborhoods for luxury real estate. With its prime waterfront location, proximity to cultural hotspots like the Design District and Wynwood, and easy access to downtown Miami, Edgewater offers a unique blend of urban living and waterfront tranquility that continues to attract high-end buyers.
Cove Miami represents a significant project for its developers, SB Development and Hazelton Capital Group, both national firms based in New York. Although this is their first development in Miami, both companies bring a wealth of experience and a proven track record in creating high-end real estate projects across the country. Their move into the Miami market is a testament to the city’s rising status as a luxury real estate hub and their confidence in Edgewater’s potential as a top destination for discerning buyers.
For SB Development and Hazelton Capital Group, the decision to launch their first Miami project in Edgewater was a strategic one. The area’s waterfront setting and its rapidly growing reputation as a vibrant, upscale community made it the perfect location for a luxury development of this scale.
Ahead of the 2025 construction start, significant pre-development work has already been completed. The developers have overseen the demolition of previous structures on the site and completed the construction of a new seawall. This ensures that the project is on solid footing as it moves forward, and the site is fully prepared for the next stages of development.
The seawall construction is particularly noteworthy, as it reflects the developers’ commitment to creating a secure and sustainable waterfront property. Miami’s waterfront developments require meticulous attention to detail when it comes to resilience against rising sea levels and storm surges, and the team behind Cove Miami is ensuring that these concerns are addressed from the outset.
Cove Miami is more than just a new residential tower; it’s a part of Edgewater’s transformation into a prime destination for luxury living. With the influx of high-end developments, Edgewater is becoming a premier choice for those seeking a blend of waterfront living, urban convenience, and Miami’s distinctive lifestyle. Cove Miami, with its elegant design, upscale amenities, and coveted location, is set to become one of the standout additions to the neighborhood.
As construction gets underway in early 2025, prospective buyers and real estate enthusiasts alike will be closely watching the progress of this project. The conversion of reservations into contracts is a clear sign that the market is eager for what Cove Miami has to offer, and its completion will undoubtedly add another jewel to Edgewater’s increasingly luxurious skyline.
As the project moves into its next phase, buyers and investors are anticipating further updates on Cove Miami’s features, amenities, and design details. The developers are expected to reveal more specifics in the coming months, but based on its waterfront location and luxury branding, residents can expect high-end finishes, cutting-edge amenities, and a lifestyle that fully embraces Miami’s indoor-outdoor living ethos.
In the meantime, the team behind Cove Miami is working diligently to finalize all aspects of the development as they prepare to break ground in 2025.
Developers for Cove Edgewater Launch Sales
Sales have officially started at the 40-story Cove Miami Tower in Edgewater. According to the developers, it will be a boutique premium condo development with sweeping views of Miami’s whole city as well as Biscayne Bay and the Atlantic Ocean.
There will be 116 residential units at Cove Miami, with 2 to 4 bedrooms. From $1.3 million to above $3.5 million will be the price range.
The UDRB received the plans in October 2022. Plans at the time indicated that the tower would have a top height of 465 feet and include a new baywalk section.
The architecture was created in collaboration with Kobi Karp and Dieguez Fridman, whilst Dieguez Fridman was the only designer of the interiors. The project is being developed in collaboration with Hazelton Capital Group and New York’s SB Development.
Building Features
Three levels of amenities + rooftop overlooking Biscayne Bay
Resort-style infinity pool with private cabanas
Gym
Spa with cold plunge pool
Massage rooms, Turkish bath, and sauna
Clubroom
Co-working area and meeting room
Game room
Owners lounge with wine cellar
Pet spa
Microcinema
Dock for water sports
Guest room
Private wineries
You can rent up to two times a year, with a minimum of three months
Garage in the building, with valet parking for two cars
Residence Features
Fully finished units
Floor-to-ceiling windows
Balcony in all residences
Kitchen counter in Calacatta gold marble
Italian kitchen and bathroom cabinets
Thermador and Bosch appliances
Wine cooler in select units
Marble bathrooms
and more
The groundbreaking is expected to take place in Q2 of 2024 with a top-off in 2026.
