Peruvian Developer Buys Second Edgewater Development Site in 12 Years
By Julia Echikson February 5, 2024 5:06 pm
reprints
Grupo T&C is expanding its reach in Miami’s Edgewater neighborhood, paying $19.2 million for a second development site, property records show.
The 0.8-acre parcel sits between the Blu27 at Edgewater and Icon Bay Condo buildings at 511 NE 27th Street. The L-shaped site is now home to three low-rise buildings.
The Edgewater parcel is the second development site to fall under the control of Grupo T&C, a Peruvian developer.
In 2012, it purchased a 0.6-acre site just west of the Quantum on the Bay condo complex near Margaret Pace Park for an undisclosed amount, according to records. While the land remains vacant, the developer proposed building a 36-story tower with 322 residential units, as well as 6,183 square feet of commercial space and 372 parking spots, according to the South Florida Business Journal.
Last week, Grupo T&C secured a $12 million loan from New Wave Loans Residential for both development sites. The two sites are approximately one mile apart.
The seller of the Northeast 27th Street parcel, Paris-based Groupe City, had assembled the three lots in 2022, paying $17.2 million in total. The purchase had marked the company’s first deal in the U.S.
Representatives for both Groupe City and Grupo T&C did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
