MIAMI-Maefield Development is planning to develop a yet-to-be-named, 81-unit condominium conversion project in South Beach. The beachfront project on ocean drive between 10th and 11th streets has an approximately $40-million sellout value.

This project is the third in less than 90 days for locally based Prodigy International Development Sales, a new real estate marketing and sales firm for third parties. The company focuses on representing successful developments designed from inception. Some details of the project, including its name, are not yet decided. However, Rodrigo Niño, founder and president of Prodigy, tells GlobeSt.com, “It's going to be incredibly upscale.”

“Every unit will have covered parking, which in South Beach is unbelievable,” says Niño, who was vice president of development sales for Fortune International before branching out on his own. Other features of the project, he says, will include valet parking, concierge services and a commercial component, including a signature restaurant, “which will represent the cornerstone of the whole project,” he says. Currently, he adds, “We're considering certain alternatives.”

During the condo conversion process, the facade of the project, which consists of five existing vacant buildings, will be preserved, according to Niño, but the buildings will be totally renovated. The project's sales reservations are set to be launched sometime in late January or early February, he says.

Besides Florida, Los Angeles-based Maefield Development has projects in California, Kansas, Indiana and Ohio. Maefield Development is a privately owned real estate company established in September 1991. The company focuses on acquiring and developing undervalued and underutilized properties. The company places an emphasis on master-planned residential communities as well as shopping centers.After this project, Prodigy has a combined inventory of $362 million in sellout value.

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GlobeSt.com EXCLUSIVE: Maefield Development Planning Condo Conversion Project

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