EDITION Miami Residences In Edgewater Files For Construction Permits, But Not Everybody Is Happy

 
After breezing through the UDRB (Urban Development Review Board) in March and opening their $10 million sales center in April as they launched sales, Two Roads Development has applied for construction permits so that they can get to work on EDITION Miami Residences in Edgewater straight away.

The permits filed would allow Coastal Construction to begin site work on the 56-story tower as well as to build an 800-foot seawall around the waterfront lot. A total of 187 residential units are planned as well as a 13-level parking garage, and 3,500 square feet of office space. While the tower is branded EDITION, it is important to note that there is no hotel component on-site. This is purely a residential tower, just with EDITION-branded services and amenities. Owners at EDITION Residences Miami will also receive Owner benefits with Marriott International at all of their hotel brands including St. Regis and Ritz Carlton. 

This is the first of three towers planned for the 2121 North Bayshore Drive location in the Omni District, which is nestled between Edgewater and the Miami Arts and Entertainment District. The developer is hoping to be able to have their groundbreaking this summer.

“We’re excited to partner with one of the world’s most renowned luxury and lifestyle brands to bring its first ground-up residences to life in Miami’s urban core,” said developer Taylor Collins, Managing Partner of Two Roads Development. “EDITION Residences, Miami Edgewater, will set itself apart from anything else in the Miami market because of its product distinction, degree of sophistication, unique layouts and design, and unprecedented level of service, finishes, and pristine attention to detail.”

Rendering of Edition Miami Edgewater Towers

All That Glitters Is Not Gold

While the buying public has shared the excitement that Two Roads and EDITION Hotels radiates, inking over $160 million in condo reservations since the sales launch last month, a handful of people are not so thrilled. The existing 192-unit Biscayne 21 condo is home to a few owners who are quite displeased with the plans, filing a series of lawsuits to block the demolition of the aging condo tower.

Because of the number of claims, it is difficult to tell what the true reasoning behind the legal drama is. What it boils down to is these owners are claiming that the developer did not garner enough approval from the owners to terminate the condominium association, and therefore they should not be required to move (insert reasons 1-100 why they should not have to move).

The main statement is that while the building is an older tower, it is not in disrepair and has recently passed its recertification inspection. Had 100% of the owners been on board with the sale, they would agree to the termination, yet Two Roads only garnered 90% of the units.

The problem with this statement is that Two Roads did receive enough approvals to take over the condominium association. They could just ride out the lawsuits, close the amenities and wait for the owners to buckle and sell. Even if these owners win the battle, they will lose the war.

What will likely happen is the developer will make a different offer to them and the problem will go away, historically speaking with the way problems such as this are typically solved. It’s a pretty common occurrence with condo terminations. There are always a few holdouts, which makes these types of transactions exceptionally tricky.

Rendering of EDITION Residences Miami Edgewater Building North Façade

Having two statement buildings already standing in the neighborhood, Biscayne Beach and Elysee, this is not Two Roads’ first experience and they understand how to navigate the problem. This is why they are not slowing down one bit on garnering their approvals and preparing for demolition of the existing tower. EDITION Miami Residences is happening and will make another beautiful mark on Miami’s glittering skyline.

Prices at EDITION Residences Miami Edgewater begin at $1.8 million and venture up to $8 million for a 4-bedroom layout overlooking the Biscayne Bay.

Douglas Elliman is the exclusive broker for EDITION Miami Edgewater Residences. If you are interested in a presentation and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Photos courtesy of Two Roads Development/EDITION Miami Edgewater Residences