W
illiam Ticona, founder of Lima-based Grupo T&C, has acquired a vacant development site in Edgewater for $15.1 million, marking his expansion into Miami's real estate market. The 0.8-acre property at 404-436 Northeast is zoned for a 36-story tower with either residential units or hotel rooms.

    Ticona plans to develop a luxury residential building on the site, although details such as unit types and pricing have not been finalized. His broker, Ignacio Gonzalez-Arias of One Sotheby's International Realty, expects Ticona to opt for condos due to Edgewater's lack of short-term rental-friendly projects.

    Ticona is also pursuing a 60-story, 592-unit condo project at 1825-1837 Northeast Fourth Avenue, which would cater to the demand for short-term rentals in the area. He owns an adjacent 0.8-acre assemblage purchased for $19.2 million in February.

    Grupo T&C had initially planned to enter the Edgewater market in 2020 but put those plans on hold due to uncertainty in Peru's political landscape. However, with Miami's market becoming increasingly stable and desirable, Ticona is now eager to expand his development firm and tap into the city's growth potential.

    Edgewater has undergone significant transformation over the past decade, shifting from single-family homes and low-rise apartments to a hub of residential towers. Other projects in the pipeline include Aimco's 38-story apartment tower and Vertical Developments' 25-story condo-hotel branded by Elle fashion and media company.