CLIENT NEWS: Aimco Says Construction Will Begin In 2023 On 1M SF Mixed-Use Edgewater Project
May 19, 2022A major project is expected to begin construction in Edgewater in 2023, developer Aimco told investors.
The construction start date was revealed last week in the company’s first quarter financial results.
Aimco has a 20% stake in the project, and will serve as the project’s development manager. The company said it contributed an eighth of an acre of land purchased for $1.7 million in January 2022 to the joint venture.
The new project will serve as the gateway to Aimco’s Edgewater land assemblage, where it plans another 649-foot residential tower, and its redevelopment of The Hamilton On the Bay apartment tower.
The new gateway development will have approximately one million square feet of space, Aimco said.
Beitel Group of Brooklyn recently paid $45 million for a 2.8-acre property at 3333 Biscayne, which includes a Wendy’s and older apartment buildings.
At the time, Beitel said it would partner with Aimco on a project that would have 600 apartments, ground floor retail, and office space above the retail.
A rendering on the Beitel website shows a future project called Acqua Edgewater. It isn’t clear if it is the same project.
