The Cove Residences

Building facts

Address

496 NE 29th Street

Neighborhood

Edgewater

Year built

2026

Floors

40

Residences

116

Status

Pre-Construction

Developer

SB Development Group

Architect

Kobi Karp Architecture

Pricing

Starting at $1.3 Million

The Cove Residences broke ground in March 2026, roughly 22 months later than promised — a 40-storey, 134-residence waterfront tower at 456 NE 29th Street in Edgewater by SB Development and Hazelton Capital Group. Delivery moved from late 2026 to 2028.

It is financed — a $170 million construction loan from Bravo Property Trust closed in September 2025 — which puts it ahead of fourteen towers on our tracker that have no reported facility at all. But it closed that loan at only 30 to 40 percent presold, and the developer was candid about how hard it was. Both facts are below, dated.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Is Actually Being Built

A 40-storey waterfront tower holding 134 residences on an assemblage at 456, 480 and 496 NE 29th Street, bought in August 2021 for $12.2 million. The developers are SB Development, led by Joseph Stern, with Hazelton Capital Group. Kaufman Lynn Construction is the general contractor.

The unit count grew from 116 at the June 2023 sales launch to 134. If you reserved in 2023, the building has since added eighteen homes — worth checking what that did to your floor plate, your view line and the association budget per unit.

The 22-Month Delay

At the June 2023 sales launch, the developers said they would break ground in Q2 2024 and deliver roughly 30 months later — late 2026.

Ground actually broke in March 2026. That is roughly 22 months past the promised start, and delivery has moved to 2028.

There is a wrinkle in the record worth flagging. The Real Deal reported 2028 in September 2025 and again at the March 2026 groundbreaking. In between, Florida YIMBY reported 2027 in December 2025. That is inconsistent public messaging rather than a second slip, and I have counted it as one slip, not two — but if a sales associate quotes you 2027, the two more recent and better-corroborated sources both say 2028.

The March 2026 event was also billed as an official sales launch — nearly three years after the June 2023 sales launch. Read that as a reset rather than a beginning.

The Financing, and What It Cost

In September 2025 the developers closed a $170 million construction loan from Bravo Property Trust, an affiliate of Bravo Capital led by Aaron Krawitz. Florida YIMBY and PROFILEmiami also name IDB in the financing.

The project was only 30 to 40 percent presold when that loan closed. For context, Bentley Residences was underwritten at just over 50 percent, the Ritz-Carlton Pompano Beach at more than 90, and Baccarat Miami at around 95. Thirty to forty percent is a thin cushion, and the developer said so plainly:

“It certainly wasn’t easy. If there’s a will there’s a way.”

Joseph Stern, Co-Founder, SB Development — The Real Deal, 2 September 2025

I include that because it is honest, and because it tells you something real about where this project sits in the capital markets. Having a loan at all puts Cove ahead of the fourteen towers on the delivery tracker that have none. Closing it at 30 to 40 percent presold means the remaining sell-through matters more here than at a building that was 90 percent gone before the first pour.

What to Watch Before You Sign

• Get the 2028 date in the contract, and get the outside date. The public record has carried three different targets.
• Ask for the current absorption figure. The last published number is 30–40 percent from September 2025. In a building financed at that level, sell-through is the variable that matters most.
• If you reserved in 2023, re-check what you bought. The building went from 116 units to 134 and the sales team changed from OneWorld Properties to Eklund | Gomes.
• Edgewater supply is heavy. Aria Reserve, Villa Miami, the EDITION Residences, HQ Residences, ELLE Residences, Lilli, Anantara and Edge House are all competing in the same few blocks, plus a large rental pipeline. The Real Deal calls Edgewater “one of the epicenters of Miami’s new development condo boom.”

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Edgewater Around It

NE 29th Street is the good part of Edgewater — genuinely on Biscayne Bay, a block from Villa Miami at 710 NE 29th, and walkable to Margaret Pace Park. Unlike several towers marketed as Edgewater waterfront, this one actually is.

The neighbourhood trade is straightforward: bay frontage and Design District, Midtown and Wynwood proximity, against a pipeline delivering thousands of units simultaneously. Miami enforces a 649-foot height cap in this corridor, which is why so many neighbouring towers finish at nearly identical heights. What that means for a 40-storey building on the water is that its view line is more defensible than a taller tower’s inland one.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

The Cove Residences — Frequently Asked Questions

Where is The Cove Residences?

456 NE 29th Street, Miami, FL 33137, on the Biscayne Bay waterfront in Edgewater. The assemblage also includes 480 and 496 NE 29th Street. It is a block from Villa Miami and walkable to Margaret Pace Park.

When will The Cove Residences be completed?

2028, per The Real Deal in both September 2025 and at the March 2026 groundbreaking. Florida YIMBY reported 2027 in December 2025, which conflicts with the sources on either side of it. The original promise at the June 2023 sales launch was late 2026.

Why did it take so long to break ground?

At the June 2023 sales launch the developers said they would break ground in Q2 2024. Ground actually broke in March 2026 — roughly 22 months later. The $170 million construction loan did not close until September 2025.

Is The Cove Residences financed?

Yes. A $170 million construction loan from Bravo Property Trust closed in September 2025, with IDB also named in the financing. The project was 30 to 40 percent presold at close — a thinner cushion than most financed towers in this market, and the developer described the process as difficult.

How many units are there?

134. It was announced as 116 at the June 2023 sales launch, so the count grew by eighteen. If you reserved in 2023, check what that changed about your floor plate and the per-unit association budget.

How much do residences cost?

No pricing, residence-size range or deposit schedule has been published in any primary source located. Any figure circulating online came from a brokerage marketing page rather than the developer.

Sources and further reading

• SB Development, Hazelton launch sales of Edgewater condo tower — The Real Deal7 June 2023: the sales launch, the 116-unit announced count, the promised Q2 2024 groundbreaking and the $12.2M land basis.
• SB Development, Hazelton score $170M construction loan — The Real Deal2 September 2025: the $170M Bravo Property Trust facility, the 30–40% presold figure, the 2028 delivery and the developer’s own quote.
• The Cove Residences breaks ground at 456 NE 29th Street — Florida YIMBY22 March 2026 groundbreaking, confirming 2028 delivery.
• The Cove Residences officially launches sales and breaks ground in Edgewater — PROFILEmiami24 March 2026: the relaunch, Kaufman Lynn as general contractor and the change of sales team.
• Vlad Doronin’s OKO Group plans 53-story Edgewater tower — The Real Deal13 May 2026: Edgewater as “one of the epicenters of Miami’s new development condo boom,” with the competing pipeline and Cove’s 134-unit count.
• Miami Pre-Construction Delivery Tracker — Josh SteinOur dated record of what 38 South Florida towers promised at launch versus what they promise now.

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