Miami’s Elysee condo secures $16.5M construction loan

Elysee, a 57-story waterfront condo planned to rise at 700 Northeast 23rd Street in Edgewater, has secured $16.5 million in construction financing from Mosaic Real Estate Credit.

This allows the Two Roads Development project to move forward on its initial phase of construction that’ll include installing pilings and subterranean excavation work, in addition to pouring the building’s foundation.

Designed by Arquitectonica, the development features 100 luxury half-floor residences, measuring between 2,300 and 4,000 square feet, and priced between $1.5 million and $10 million.

The amenity spaces were designed by Jean Louis-Deniot, a regular on Architectural Digest’s AD 100, which honors the top 100 architects and designers. Highlighting the common areas is a seventh-floor amenity level that’ll include a lap pool with a poolside bar, a fitness center, spa facilities, and children’s lounge. On the 30th floor is an Owners Sky Lounge that’ll feature a lounge area and bar, a dining room, a chef’s kitchen, a library, a game room, and a wine room.

The project was initially expected to break ground last year.

About six blocks north is Biscayne Beach, Two Roads Development’s first East Edgewater project that was completed this summer with 99 percent of its units sold.

Elysee, a unique design due to its three-tiered telescoping shape, is now expected to arrive in 2019.