East Edgewater Developer Bets on Value

By Jennifer LeClaire
GlobeSt.com

Ion East Edgewater

MIAMI—ION East Edgewater is joining the fray of new condo developments in the neighborhood. Sakor Developmentand an affiliate of Encore Housing Opportunity Fundjust announced the 330-unit condo project. Value is a key theme at this luxury residence.

The tower is set to rise at 2701 Biscayne Boulevard in Miami’s urban core. Construction will get underway in the fourth quarter of 2014, with completion slated for late 2016.

The 36-story tower will marry the designs ofArquitectonica with the styles of Hirsch Bedner, the designer best known for creating interiors at New York’s Time Warner Center and Mandarin Oriental Hotels around the world. Amenities include a half-acre resort-style amenity deck on the eighth floor, a 75-foot heated lap pool, Jacuzzi, multiple reflective pools, and an outdoor pool-side cinema.

“Premium amenities, a prominent location along Miami’s grand Biscayne Boulevard, interiors and exteriors created by two of the world’s top design firms, and unbelievable pricing—Ion East Edgewater is certainly a great opportunity for buyers,” says Barbara Salk, a principal of Sakor Salk served as one of The Related Group’s most senior developers in South Florida for more than a decade, overseeing the development of residential projects valued at more than $1 billion.

“We’re selling East Edgewater’s location and lifestyle,” says Stephen Kornfeld, a principal of Sakor. “Living in an urban setting just minutes from the Design District, Midtown, Wynwood, Museum Park, Miami Beach and Downtown is appealing to buyers from Miami and around the world.” Kornfeld has led companies that have completed assignments for the development of some of the largest construction projects in the world, including New York’s World Financial Center, Miami’s St. Regis Bal Harbour Resort, and London’s Canary Wharf enclave.

Sakor partnered with Encore, a residential real estate development and investment firm whose principals are also involved in Miami Worldcenter, one of the largest urban mixed use projects in the country. Encore operates two opportunistic funds and one private REIT, which when fully deployed, are anticipated to have in excess of $1 billion in assets under management.

Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, says the project’s exclusive sales and marketing partner, calls Ion East Edgewater an “unbelievable opportunity for young professionals to embrace all the conveniences of living a million dollar lifestyle without the steep price tag.” Prices start in the low $300,000s.