The Bonita Springs-based developer of luxury multi-family projects received reservations on 143 of 148 units in the tower, dubbed the Belize, Albert F. Moscato Jr., Watermark division president, says in a prepared statement.

Moscato did not give the value of the reservations, but based on an average $500,000 per unit, first-day sales would be an estimated $72 million.

The statement also didn't cite the construction cost of the project but construction industry estimators familiar with comparable projects tell GlobeSt.com the hard cost, or just the basic shell of the structure, should come in around $50 million.

Belize's unit prices range from $8.9 million to $900,000 to $8.9 million. Six cabanas are priced from $350,000 for 368 sf to 630 sf. Construction is scheduled to begin in September on Belize, one of two remaining tower sites in the 30-acre gated community. The project should open in the fall 2003.

"The acceptance of WCI's first luxury high-rise by Marco Island's real estate market and community, as well as the brokerage community in Naples, is unprecedented," Moscato's statement says. "Our considerable expertise in the creation of upscale residential towers, coupled with the stunning beachfront location of Cape Marco, enables Belize to provide the definitive luxury lifestyle on Marco Island."

Watermark has a gained a reputation for coordinating and cooperating with the Collier County real estate market, R. Scott Cameron, principal of Naples-based Cameron Real Estate Services Inc., tells GlobeSt.com. The company's success with Belize, though, is a testament to the strength of the local economy.

"It's a really a very strong market here in Southwest Florida," Cameron says. "This particular property sits right on the southern tip of Marco looking across Florid Bay. It's outstanding."

Instant Insights /

Watermark Nears Sellout on First-Day Reservations of $1 Mil-Plus Planned Condos

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