A 18,800 square foot lot in Edgewater at 3001 Biscayne Boulevard has been purchased for $7.95 million, according to The Real Deal.

The lot was purchased by Urbanica Management with plans to build an Urbanica Hotel with 220 rooms, 5,000 square feet of retail and a 7,000 square foot rooftop bar. The site is zoned for 36 stories.

Construction is expected to begin early 2019 and be completed in 18 months.