Two Roads Development has closed on the purchase of the Biscayne 21 condo property in Edgewater, and is now working on plans for a new development.
The new towers will rise up to 650 feet, and are being designed by Bernardo Fort-Brescia of Arquitectonica. They will be “ultra-luxe,” the developer said.
Each unit will have a view of the water. There will be a mix of condos and “signature branded residences.”
Two Roads paid $150 million for the 3.5 acre waterfront site, buying out an existing 191-unit condo building. Sellers have the option to stay in their units temporarily while plans are being finalized to replace the current building.
Avison Young’s Florida Capital Markets Group closed the sale. Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; and Vice President Brian C. de la Fé negotiated the sale on behalf of the various unit owners.