"This is really going to be the focal point of Downtown," Richard D. Zipes, Omni Development president, tells GlobeSt.com. "The building as approved will be the largest building in the city. It's really going to help the urban landscape, and this is all about urban living."

The partnership with Tarragon and its president, William S. Friedman, expects to sell out by the anticipated construction completion date in summer 2003 because of the project's two-acre location on the city's New River. Reservations are now being taken.

"The reason I got so excited about this property, and remain so excited, is its built-in marketing cache," Zipes says. "I'm selling Downtown living. You will be able to walk out the building and go right to a Starbucks, Mark's CityPlace (restaurant) and to RiverWalk and its 300,000 sf of shops and movie theaters."

Since receiving zoning approval last November, the partnership now is awaiting final approval on building permits to construct 280 luxury condominium units. They will cost from $300,000 to more than $2 million for units as small as 1,260 sf to as large as the planned 7,000-sf penthouse suite.

The partnership is working with the Miami-based architectural firm, Sieger Suarez, to combine three towers into a singular-shaped design that will include about 60,000 sf of common space on the sixth floor. Plans call for a 25,000-sf spa and fitness center open to the public.

The project combines the resources with two experienced New York real estate developers. Omni Development has developed, financed, managed or leased more than $200 million in real estate projects throughout New York.

Tarragon either owns or manages more than 17,000 apartment units and nearly 2.5 million sf of commercial space throughout the US. It owns Courtyard at the Park, a 127-unit apartment complex, and Palm Court, a 144-unit complex, both in Miami and a 289-unit condominium building at 5600 Collins Ave. in Miami Beach.

Instant Insights /

Omni Development to Begin Work in June on $100 Mil-Condo

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