Two Roads, GTIS Complete Miami Condos

The joint venture retired the $120 million construction loan that financed development of the 52-story waterfront tower in Miami.

Biscayne BeachThe Biscayne Beach condominium development in Miami’s East Edgewater neighborhood has been completed, and residents are moving in. More than half of the 52-story tower’s 391 residences successfully closed over the last 30 days. Almost all the units are under contract.

At the same time, Two Roads Development and GTIS Partners, Biscayne Beach’s joint venture development partners, retired their $120 million construction loan for the project. The loan, which was issued in 2014 by Blackstone Real Estate Debt Strategies, was used to develop the waterfront property at 2900 NE 7th Ave.

A look inside

Residences at Biscayne Beach include one-, two- and three-bedroom condos, townhome-style beachhouse units, as well as two-story upper penthouses with private rooftop pools and garden terraces. Only three units currently remain available for sale, including two penthouse residences and one beachhouse unit priced from about $1.6 million to $9.4 million.

Interior designer Thom Filicia–known for his role on Queer Eye for the Straight Guy–is behind the property’s “beach chic” designs for the common-area amenity spaces, Beach Club level and residences.

Common amenities include a members-only Beach Club level overlooking the bay with an elevated sandy beach, private cabanas, zero-entry pool, daytime concierge services, as well as a restaurant and bar. The property also features an indoor/outdoor great room with a library and billiards room, an outdoor summer kitchen and lounge area, a fitness center, and a full-service spa complete with a sauna, steam room, blow-dry bar, and massage treatment rooms.

Biscayne Beach is the latest condo project to deliver in Miami’s East Edgewater district, which currently has more than a dozen residential projects currently under construction. The once-blighted neighborhood is just north of downtown Miami, stretching one-and-a-half miles along the city’s bayfront between the Venetian and Julia Tuttle Causeways, which are two main arteries connecting Miami Beach to the greater downtown Miami area.