Formerly called Bayshore Palms, the project is planned on a tight 2.57-acre pad in Miami's Brickell financial district. Site work has begun with ground-breaking expected by fall and completion by first quarter 2005.

Condominiums and loft homes at the planned 48-story, 326-unit waterfront community at the northeast corner of Brickell Bay Drive and Southeast 14th Street will be priced from $400,000 to $5 million, according to the project's Web site.

Pre-construction sales, spearheaded by Fortune chairman Edgardo Defortuna, total $120 million since November 2001, according to a prepared statement from the Miami office of Holliday Fenoglio Fowler.

Fortune purchased the site in March for an undisclosed sum from an unidentified seller, according to the Holliday statement. Holliday and Sonnenblick-Goldman Co. structured the joint venture between Swire and Fortune but a construction lender hasn't been disclosed.

"It's getting close though," Manuel de Zarraga, senior managing director in Holliday's Miami office, tells GlobeSt.com. De Zarraga and associate Ike Ojala originated and structured the joint venture for Fortune.

Swire Properties is a wholly owned subsidiary of Hong Kong-based Swire Pacific Ltd. According to previously prepared statements from the company, Swire has invested $800 million over the last 20 years in the development of 11 buildings comprising 1,300 condo units, 350,000 sf of office and retail, and 329 hotel rooms in the Brickell Avenue corridor, just off Downtown Miami.