DLJ will provide equity financing. Peebles will handle development services and marketing. Hardin Capital, affiliated with DLJ, is the construction manager. Completion is expected by December 2004.
The project is being developed at an average unit cost of $1.27 million. The 112 tower units are 1,904 sf to 5,600 sf.
In a prepared statement, R. Donahue Peebles, president/CEO, Peebles Atlantic Development, says the project is 50% pre-sold at prices from $600,000 to $6 million-plus. The community will also have six four-story Oceanside villas with 5,646 sf of living area.
The development site once housed the Bath Club, Miami Beach's first private bathing and social club. The property has 540 lineal feet of ocean frontage. Peebles bought the site in 1999 for an undisclosed sum. DLJ is an affiliate of Credit Suisse First Boston of New York.
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