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Avison Young closes $150M bulk condo sale in Miami's Edgewater neighborhood
May 25, 2022
South Florida-based Two Roads Development acquires 3.5-acre prime waterfront site with plans for an ultra-luxury branded residential property.
MIAMI – 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.”
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
Two Roads Development is a South Florida-based real estate development firm whose principals have combined over 120 years of experience in developing, financing, and marketing residential and commercial projects across the United States. Over the years, Two Roads has set the standard for luxury development with properties that feature the best location, architecture, amenities, and services in the industry. The firm’s current residential portfolio includes Elysee Miami and Biscayne Beach, two luxury condominiums in downtown Miami, FL; Pendry Residences, a branded hotel-condominium in Tampa, FL; Forte, a 41-residence luxury waterfront condominium in West Palm Beach, FL; Tuscany Ranch, a 6,000-home master-planned active adult community in Citrus County, FL; and Freeport Plantation, a master-planned mixed-use community in Freeport, FL. Learn more at: www.tworoadsre.com.