Sabet Group's Edgewater tower lands $93M building permit

A 33-story tower rising in Miami’s Edgewater neighborhood now has its full building permit. Miami-Dade’s Regulatory and Economic Resources department issued permit #2027002905 on Oct. 15 for 1600 NE 2nd Ave, authorizing $93.4 million in construction for 282 residential units across 533,824 square feet. The filer of record is “1600 Ne 2nd Avenue LLC,” a single purpose entity, but the project traces to Sabet Group, credited as developer when crews broke ground on the foundation at the same address earlier this year, a stage we reported on Aug. 17.

Why it matters

The permit marks the formal construction phase for a project that moved from site clearing to drilling and excavation over the summer. Edgewater, part of Miami’s Media and Entertainment District, has absorbed a wave of rental towers as developers chase the corridor’s density bonuses and bay adjacent land. A nearly $100 million vertical permit this size signals the builder is financed and ready to pour, not merely entitled.

The numbers

The permit values the work at $93.4 million for 282 units spread across 533,824 square feet and 33 floors, matching the unit count and height Florida YIMBY reported for Sabet Group’s planned tower at the address. A leasing listing for the site separately markets 282 luxury units plus 5,479 square feet of retail, corroborating the scale from the demand side. General contractor GT McDonald Construction has been listed on the project since the foundation stage.

What’s next

With the building permit in hand, vertical construction can begin in earnest on a site that was still being excavated as of midsummer. South Florida multifamily supply keeps climbing in Edgewater specifically, and the next marker to watch is a certificate of occupancy timeline, which Sabet Group has not yet disclosed publicly.