Friday, August 12 2022

Development of two roads bought a waterfront condominium in Miami’s Edgewater neighborhood for $150 million, the developer announced.

The newly acquired property, Biscay 21was built in 1964. The 191-unit condominium is located on 3.5 acres at 2121 N Bayshore Drive facing Biscayne Bay. The district, located in the center of Miami, is experiencing a luxury development rush.

The Two Roads projects are no exception. The Florida-based company will redevelop the site into an “ultra-luxury branded residential property” designed by Architecture and similar to its other developments in Edgewater, the 52-story Biscayne Beach and the 57 floors Elysee Miami. The company did not provide additional details.

The move is part of a rising trend in South Florida among developers following a fatal condominium collapse in Surfside nearly a year ago. Instead of paying for expensive upkeep, owners of units in aging condominiums are choosing to sell to developers, who will tear down the aging structure and build a luxury property.

To keep up with demand in Miami’s booming residential market, developers are dropping buckets of cash to buy properties along South Florida’s crowded coastline. the Associated group and Investments on the 13th floor offered $500 million to buy a beachfront condominium in Miami Beach two months ago. Based in New York Chetrit Group is in the process of to buy another beachfront property in Hollywood, a city just north of Miami.

“The sellers of Biscayne 21 wanted to capitalize on the appreciation in value of their waterfront land at a time when developers are maximizing development projects with water views,” said Avison Youngit is John Crotywhich represented certain unit owners with Michael Fay, David Duckworth and Brian de la Fe.

“By organizing the wholesale as a collective group, we were able to negotiate a multiple of more than three times the price at which sellers would have sold their individual units on a one-time basis,” Coty added.

Two Roads has 176 units under contract, most closing today, lawyer says Joe Hernandez of Weiss Serota Helfman Cole & Bierman, who represented these owners. A few more units will be closing in the coming days.

Two Roads owns enough apartments to end the condominium association, a procedure that will grant the developer full control of the property. But Hernandez estimates it could take up to a year before the developer begins the process.

A representative for the developer did not respond to a request for comment.

Julia Echikson can be contacted at [email protected].

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