Two Roads Development Acquires Site for Miami Luxe Condo Development for $22M
- Jan 28, 2016
Miami—Two Roads Development has completed the $22 million acquisition of one of the last waterfront sites in Miami’s East Edgewater neighborhood. The property, which is on Biscayne Bay at 700 NE 23rd Street, will be the site of the firm’s newest condominium project, Elysee Miami. The acquisition marks the next step in the development of the 57-story tower, which is scheduled to break ground by Q2 2016 and deliver in 2018.
Elysee will include 100 residences ranging from three- to five-bedroom units between 2,600 square feet and 4,000 square feet. Designed by Miami architect Bernardo Fort-Brescia of Arquitectonica, the slender glass structure features a three-tiered telescoping shape with only two units per floor, providing direct unobstructed bay and city views from each residence. Interior designer Jean-Louis Deniot has signed on to create the project’s common-area amenity spaces.
Residents at Elysee will have access to two amenity decks. The building’s seventh-floor amenity level will include a 75-foot resort pool, an outdoor summer kitchen and barbecue terrace, fitness center and yoga studio, children’s room, men and women’s spa with sauna, steam shower and private massage rooms, and a blow dry bar.
Elysee’s 30th floor amenity level will be designed to be an extension of each residence. It will boast 360-degree bay and city views and include a great room, grand dining room with indoor and outdoor seating for up to 30 guests, chef’s kitchen, library and private theater room, full bar and lounge, and wine room.
“Land prices in East Edgewater have risen substantially over the last few years, and will only increase in value as residential projects like Elysee transform the neighborhood,” noted Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, which represented the developer in the purchase. Preconstruction sales are currently under way, with prices from $1.65 million to over $10 million.
South Florida-based Two Roads Development is also building Biscayne Beach, a nearby 52-story residential tower currently under construction at 711 NE 29th Street, which is slated for delivery in late 2016. The 399-unit project is being developed in a joint venture with GTIS Partners, a global real estate investment firm headquartered in New York.