Two Roads Development has closed on a $22 million purchase of one of the last waterfront sites in Miami’s East Edgewater neighborhood. The property, which sits on Biscayne Bay at 700 NE 23rd Street, will be the site of the firm’s newest condominium project, Elysee Miami. The 57-story tower will boast 100 residences ranging from three- to five-bedroom units of between 2,600 square feet and 4,000 square feet. The project was designed by Miami architect Bernardo Fort-Brescia of Arquitectonica. The building is scheduled to break ground by Q2 2016 and is expected to be completed in 2018.
“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 underway, with prices from $1.65 million to over $10 million.
