Avison Young’s Florida Capital Markets Group closed the $150 million sale of Biscayne 21, a waterfront development site spanning 3.5 acres at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami. The buyer, South Florida-based Two Roads Development, plans to redevelop the existing 191-unit condo building into an ultra-luxury branded residential development.
“Over the last decade, Two Roads Development has helped put Miami’s Edgewater district on the map as one of the City’s most in-demand residential neighborhoods with successful luxury condominium developments including Biscayne Beach and Elysee,” said developer Taylor Collins, managing partner of Two Roads Development. “Plans for our newest development, which will feature a signature architectural design by Bernardo Fort-Brescia of Arquitectonica, include a mix of ultra-luxe condominiums and signature branded residences that will elevate Edgewater’s global appeal as Miami’s premier enclave for luxury high-rise living.”
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.
“The Biscayne 21 sellers wanted to capitalize on the appreciation of their waterfront land value at a time when developers are maximizing development projects with water views,” said Crotty. “By arranging the sale in bulk as a collective group, we were able to negotiate for a multiple of more than three times what the sellers would have sold their individual units for on a one-off basis. Our team has handled more complex bulk condo sales resulting in terminations of condo associations in strategic locations than any other firm in South Florida.”
Miami has seen an influx of capital and residents relocating to the market from other metropolitan areas to take advantage of Florida’s 0% state income tax and Miami’s business-friendly environment. As a result, home and condo prices have surged over the past 18 months, with waterfront luxury condos demanding the highest prices per square foot.
“We received multiple offers for Biscayne 21 and ultimately selected a proven buyer who offered the best price and has substantial expertise in the Edgewater area having recently completed the waterfront Elysee tower to the north,” said Fay. “Two Roads Development agreed to provide the sellers the option to stay in their units temporarily while plans are being finalized to replace the current building with an ultra-luxury residential development that could rise as high as 650 feet with all units having views of Biscayne Bay.”
The property boasts unobstructed water views to the east and the south due to being positioned on a hard corner of land that extends out just north of Paramount Bay. Margaret Pace Park is located across the water to the south, ensuring that no towers will be constructed in the future that will block views to the south.
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