Demolition is happening in the emerging Edgewater district of Miami on the block of NE 26th Street and NE 5th Avenue next to the water. The land is owned by Russian developer Oleg Baybakov who purchased a 58 unit apartment unit for $21.5 million last year. The 12 story apartment is located at 700 NE 26th Street and is in the process of being torn down as seen in the photos below. Baybakov has spent almost $39 million assembling property in this area.

The building in the above photo at 601 NE 26th Street was purchased for $3.1 million in April 2014 also by Oleg Baybakov and his 700 Edgewater Development LLC. The building will be completely torn down by the end of the week. 

The only properties that Baybakov does not own on the block are two rental apartment buildings on the Southwest block that were built in 1924 and 1925. The lot size for each building is 5,000 square feet. It is not known if Baybakov is pursuing these properties for purchase. 

Plans have not been released for what Baybakov intends to build for the waterfront lots.