Two Roads Development has acquired one of the last waterfront sites in Miami’s East Edgewater neighborhood for $22 million. The property, located on Biscayne Bay at 700 NE 23rd Street, will house Elysee Miami, the firm’s newest luxury condominium project.

Jim Harpel, senior partner and chairman of Two Roads Development, found East Edgewater to be the best fit for the Elysee project. Harpel said, “In East Edgewater, you get the best of both worlds – you’re in the center of everything happening in downtown Miami and you have some of the most amazing water views in the city.”

The neighborhoods surrounding East Edgewater, such as Design District, Wynwood, Midtown and Miami Beach, will provide potential buyers “some of Miami’s top destinations for luxury shopping, high-end dining, and world-class arts, culture and entertainment,” according to Harpel.

The acquisition is just the first step in the development of the 57-story tower, scheduled to break ground by the second quarter of 2016.

Elysee will include 100 luxury residences ranging from three- to five-bedroom units. The outer glass structure, designed by Miami architect Bernardo Fort-Brescia, will feature a three-tiered telescoping shape, providing views of Biscayne Bay and the downtown Miami skyline.