The Real Deal Miami

Watch construction crews clear the way for Elysee Miami: VIDEO

57-story tower will be built on former site of a low-rise apartment building

June 09, 2016 03:00PM
By Katherine Kallergis

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Out with the old, in with the new.

The developers of Elysee Miami have knocked down the 1969 low-rise apartment building and plan to go vertical on the Edgewater tower by the end of this year.

A video released by Elysee Miami shows a time lapse of the building being demolished. Right now, crews are prepping the site for construction, a spokesperson told The Real Deal. Property records show an affiliate of Two Roads Development paid $22 million for the waterfront, 28,000-square-foot plot in December.

Two Roads unveiled its sales center and launched sales for the 57-story, 100-unit tower in November. Prices range from $1.8 million to more than $10 million. Units range from 2,600 square feet to 4,000 square feet.

“In today’s market, building larger units and less units is not a bad thing,” the spokesperson said.

Sales are “solid,” he said. The developers declined to provide a sales update, but said buyers hail from Latin America as well as the U.S. According to an ISG report from the first quarter of this year, Elysee was 32 percent sold, up from 25 percent at the end of 2015. Cervera Real Estate is the exclusive sales and marketing firm.

Elysee will include a 30th floor amenity deck with wraparound views, a great room, dining room, chef’s kitchen and table, library, theater, lounge and wine room.

Two Roads and its development partner recently topped off Biscayne Beach, a 52-story tower nearby at 2900 Northeast Seventh Avenue.