A 35-story condo tower with plunge pools, a podcast studio and a restaurant concept owned by actress Sofia Vergara is planned for Miami's revitalized Edgewater neighborhood.
HQ Residences Miami, located at 422 NE 29th St., would be the nation's first housing-only development by HQ Hotels & Residences, a brand launched by SBE Hospitality founder Sam Nazarian in partnership with singer Marc Anthony.
The 229-unit project has begun sales and is expected to break ground next year, with prices ranging from $850,000 to approximately $2.5 million. The opening is scheduled for 2028.
Comparable luxury projects in the area are typically priced significantly higher, according to Camilo Lopez, co-CEO of Black Salmon, the firm developing HQ Residences Miami.
"It’s a strategic price point designed to serve an underserved segment of the Edgewater market seeking luxury at a more attainable level," Lopez said in an email to Homes.com.
Edgewater is a coastal neighborhood north of downtown Miami that has developed over the past quarter-century into a chic area with local boutiques, major retailers, luxury condos and a vibrant arts scene, according to Homes.com.
Miami's growth impresses developers
The development team selected Miami due to its historically strong population growth and an influx of high-income earners from across the world, Lopez noted. These global residents "increasingly seek wellness-centered living, thoughtful design and vibrant cultural and entertainment offerings," he said.
HQ Residences Miami units are planned to have one- to three-bedroom layouts from 721 to 2,074 square feet. Amenities will span two floors and include open-air training terraces, contrast therapy circuits and massage beds, according to the developers. The building is also expected to feature a library, collaboration spaces and a dedicated podcast studio.
One of the on-site restaurants will be TOMA Gourmet, a Latin cuisine brand owned by Vergara, star of "Modern Family" and "America's Got Talent," and her son, Manolo.
Developers secured the site a decade ago, seeking additional density that would accommodate their long-term vision for the neighborhood, Lopez said.
While Miami-Dade County home prices have softened as listings increase, its luxury housing market remains strong, with domestic and international buyers drawn by the lifestyle, tax advantages and business opportunities, according to Chris Montgomery, a senior market analyst for Homes.com.
Reliance on foreign buyers
Still, Miami-Dade relies heavily on foreign buyers, but the county's international in-migration has slumped to the lowest level since the pandemic, according to Montgomery. That's a result of the Trump administration's immigration policy and could slow home sales in the weeks and months ahead, he said.
What's more, recent economic woes have some analysts bracing for a recession that they say could leave the area with a glut of unsold condos.
"A lot of people are bullish on Miami in the long term, and with good reason, but we're still in a period of a slowdown due to global economic uncertainty," Montgomery said last month.
But Lopez is undeterred.
He said short-term rental projects dominate the current development pipeline in Miami’s urban core, followed by ultraluxury condos. He expects robust demand for traditional condos, saying this project fulfills a significant gap in the market.
"Combined with its curated offering and favorable land basis, we believe HQ Residences is well-positioned to perform resiliently even in softer economic cycles," he said.
There is one HQ Hotels & Residences in Antigua, and future HQ Residences are planned for Antigua and Brazil.
The HQ Residences Miami development team also includes The Boschetti Group and Constellation Group. The Agency, a luxury brokerage, is handling sales.