Two new, rather nice looking, bayfront rental towers are under construction on NE 79th Street and Biscayne Bay. Originally planned by the Related Group, these towers were victims of the recession, but are now back, under new developers Adler Group and ECI. Oasis on the Bay will be two 20-story rental towers atop what looks like a rather large podium, probably concealing a parking garage and hopefully topped with an amenity deck. Miami's 79th Street was always a bit downmarket, even in its swinging "heyday" in the 1950s, as a straight-shot connecter between Miami Beach's beachfront resorts and the legendary Hialeah Park Racetrack, and the location of Miami's Playboy Club, but things haven't been hot for decades. Although a few new restaurants have moved in lately (including a Schnitzelhaus with boot-sized beer mugs a few blocks away from Oasis on the Bay), there hasn't been much significant new construction on the road in a long time, making it a gapping hole of blight in Miami's otherwise fairly upscale Upper East Side.
UPDATE: The project has been named The Shorecrest Luxury Apartments - December 2012