Douglas Elliman takes over sales from Cervera at Elysee Miami project

The under construction 57-story luxury condo is 50% sold, and expects to be completed in 2020

Jan.January 16, 2019 02:30 PM

Elysee Miami under construction at 788 Northeast 23rd Street

Two Roads Development is bringing in Douglas Elliman to sell out Elysee Miami, more than three years after Cervera Real Estate launched sales at the luxury Edgewater condominium tower, The Real Deal has learned.

Elysee Miami, which is under construction at 788 Northeast 23rd Street, will also unveil a new bayfront sales gallery next month, in a 5,500-square-foot indoor-outdoor space at Biscayne Beach Residences.

Construction of the 57-floor Elysee has reached the 18th floor, according to Two Roads partner Reid Boren, whose firm is developing the tower in partnership with entities managed by the New York investment firm DW Partners. The 100-unit project is now nearly 50 percent sold, and is expected to be completed in 2020.

Boren said he switched to Douglas Elliman in part because of its network of agents spread throughout the country. Elysee has seen a resurgence of domestic buyers, especially from the Northeast, he said.

“We have a great relationship with the Cerveras and they did an amazing job with us and are a super talented group, and this seemed like a good time to make this switch,” Boren added.

Jay Parker, CEO of Douglas Elliman Florida, said the brokerage’s strategy will be to reach out to both domestic and international buyers and “pick up where Cervera left off and close out the building.”

Cervera did not respond immediately to a request for comment.

Elysee was designed by Bernardo Fort-Brescia of Arquitectonica, with common areas and amenity interiors by Paris-based designer Jean-Louis Deniot, marking his first high-rise condominium design project in the U.S.

Half-floor and full-floor units, with three to five bedrooms, range from 2,300 square feet to 4,000 square feet and are priced from about $1.5 million to more than $10 million.

Condos at Elysee will have private elevators and foyers, with 10-foot to 12-foot ceilings and east-west facing terraces. The project’s seventh-floor amenity level will feature a lap pool and refreshment bar; outdoor summer kitchen and barbecue terrace among others. Elysee will also have an Owners Sky Lounge spanning the 30th floor, with a lounge and bar area, library/private theater and wine room.

Two Roads completed Biscayne Beach in Edgewater in 2017, and plans to convert Elysee’s new sales gallery into a restaurant when Elysee is sold out, Boren said.

Edgewater itself is in the midst of a transformation, with new high-rise condo projects recently completed or in the works, including Related’s four Paraiso towers and OKO Group’s Missoni Baia as well as new apartment buildings such as Mill Creek Residential’s planned tower at the site of the Unity on the Bay Church.

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