Sales at Elysee have been strong, and construction will begin in March or April 2016.
The tower is already 20 percent reserved, according to Michael Light. Nearby Biscayne Beach, which is being built by the same developer, has 98% of units in contract.
The developers will complete the purchase of the Elysee site next month for $22 million, according to The Real Deal. An apartment unit on the property will be demolished in January.