Closing on a $143 million bulk buyout deal for 92% of the condos at Biscayne 21 this month, Two Roads Development is a step closer to realizing its plans for the waterfront site at 2121 N. Bayshore Drive. The bayfront condo tower has been under contract by the Elysee Miami developer for almost a year.

With a majority stake in the waterfront tower, Two Roads Development will soon be able to terminate its condo association. Once all 191 condos are sold, the tower’s final pricing would add up to about $152 million.

With an average price of around $795,812 per unit, sellers were able to rake in more than three times the value they would have earned in individual sales. Another perk offered by the developer included allowing owners to stay in their units until approval for the upcoming luxury condo development was obtained.

Conceptual rendering courtesy of Two Roads Development.

What’s Going to Replace Edgewater’s Biscayne 21?

As of now, Biscayne 21 is an 11-story, 191-unit vintage building. The Bayfront mid-rise stands on a prime, 3.4-acre peninsular site, featuring unobstructed water views to the east and south, in Miami’s Edgewater neighborhood. Built in 1964, the waterfront condo building underwent its 40-year recertification for structural integrity roughly five years ago. 

After closing on all the units, Two Roads Development plans on tearing down the almost 60-year-old, mid-rise to build a luxury, 3-tower condo complex. Having submitted plans to the City of Miami already, the developer expects to build “a very high-end luxury product on the 3.4-acre waterfront site – likely powered by a well-known brand.” 

Bernardo Fort-Brescia, founder of Arquitectonica  will design the three-tower complex, and is expected to hold a total of 680 to 750 “ultra-luxe” residential units, with each building rising to about 60 stories or 649 feet (the maximum height permitted by FAA in the neighborhood).

Once approved, this will be Two Roads’ second major residential project in Edgewater, hot on the heels of the recently completed, modern, glass-clad Elysee Miami (57 stories, 100 condos).

Miami’s Soaring Demand & Condo Bulk Buyout Trend

With Miami’s luxury housing market booming for more than a year, demand for high-end housing, especially luxury condos, has been going through the roof. (You can read about the current market in our Q1 2022 Miami Luxury Condo Market Summary here.)

With equally high demand from domestic as well as international buyers decreasing the luxury condo inventory, developers in Miami have been in overdrive to build new condo product for the market. This, coupled with a lack of buildable land in Miami, has been pushing developers to seek out older buildings in need of expensive repairs and safety re-certifications to make way for brand-new, more high-end luxury condos relevant to today’s buyer.

Although Biscayne 21 had recently undergone its 40-year recertification, given that sellers received more than triple the value of their condos and developers were able to grab hold of a premium, waterfront parcel – Biscayne 21’s bulk condo buyout turned out to be a win-win for everyone involved.

Following suit of this growing trend in South Florida, we have prominent developers negotiating similar deals, such as Related and 13th Floor Investments in Mid-Beach (for the oceanfront Castle Beach Club) as well as New York-based Chetrit Group in Hollywood.

Edgewater Miami – A Prime Waterfront Location

One of the major reasons that owners at Biscayne 21 were able to earn such a high rate of return on their condos is due to its Edgewater location. Situated at 2121 N Bayshore Drive, the 3.4-acre waterfront site finds itself in a key residential neighborhood that has recently become the center of attraction for developers, owing to its central location. A slew of new developments is ready to make their debut in this family-friendly neighborhood, including the freshly completed Missoni Baia, Melo Group’s twin-tower Aria Reserve, and the bold 729 Edge from the makers of Downtown’s One Thousand Museum.

A map-view of Edgewater shows how this waterfront neighborhood rubs shoulders with Miami’s Arts & Entertainment District, the artsy Wynwood, the shopaholic’s paradise of Design District, as well as the casual shopper-friendly Midtown Miami. Living at Two Roads’ planned three-tower, branded luxury condo complex, future residents will be right opposite the bayfront, dog-friendly Margaret Pace Park. They will also be a 10-minute drive from Downtown’s world-class entertainment hub of FTX Arena, 15 minutes from Brickell’s business hub, 20 minutes from the world-famous vacation shores of South Beach, and 25 minutes from the Miami International Airport.

If you’re interested in living in Miami’s highly desirable Edgewater neighborhood or would like to book your next home in one of the many glamorous to modern-chic pre-construction condos coming up in Miami, call, chat, or email us for a personalized tour. As Edgewater’s top-producing boutique real estate brokerage, we will be more than happy to assist you with negotiating early bird perks and pricing to locking in your favorite corner unit.