Two Roads Development is taking a different path with its sales gallery for Elysee Miami, a luxury condo project under construction in Edgewater.
The developer had planned to lease out or sell the commercial condo, which has been used as Elysee’s sales center, to a restaurant. Then the pandemic hit.
The 5,481-square-foot unit, located on the first floor of Biscayne Beach — a condo tower that was previously developed by Two Roads — hit the market for $6 million, according to Reid Boren, a partner at Two Roads. The developer will move the sales center to Elysee Miami, a 100-unit, 57-story condo tower at 700 Northeast 23rd Street, once it is completed later this year.
“It was always our intention to convert it, rent it or sell it to a restaurant, but the pandemic has had us look at different opportunities,” Boren said.
The current sales center is on the market with David Restainer of Douglas Elliman’s commercial division. Elliman is also handling sales of Elysee.
The Biscayne Beach unit includes an additional 2,360 square feet of outdoor space and comes with 15 parking spaces. It can be used as a restaurant, retail space or office. Restainer said the space is good for financial services companies looking to establish a South Florida office, due to its high ceilings, new ventilation system, outdoor space and private entry.
“It has the types of safety features and environment people are craving right now,” Restainer said.
The space was designed by French interior designer Jean-Louis Deniot, who’s handling the interior design of Elysee.
Boren said Elysee could receive its first temporary certificate of occupancy by the end of September, with closings beginning shortly after that. Sales launched in 2015, and the tower is nearly 75 percent presold. About six contracts have been signed in recent months, he said.
“We have a lot of people who are very warm leads, in contract, but went on pause when Covid hit,” Boren said. “They’re still interested in the building, but want to see what the world looks like, which I think is natural.”
Write to Katherine Kallergis at kk@therealdeal.com