The construction cost is estimated at $20 million. The JV obtained a $16-million construction loan, which was arranged by loan officers Pedro Gomez and Jim Dockerty, from locally based Mellon United National Bank. Hal Taylorson of Miami Beach-based Majestic Properties is the project's sales director. "The project is currently 60% sold or under contract," he says also noting that he bought one of the lofts for himself.

Positioned as a "boutique" property, Star Lofts on the Bay has no more than three units per floor. Among the floor plans are three 626-sf studios; three two-story lofts ranging from 2,060 sf to 2,372 sf; one two-story, 4,989-sf tower suite, and one full-floor, 5,500-sf penthouse. Typical units range from 1,287 sf to 1,692 sf. Prices begin in the mid $500,000s and reach $2.5 million.

All units have terraces, 10-foot floor-to-ceiling windows, and Jacuzzi-style tubs and frameless glass showers in baths. Zyscovich Inc. is the building architect and the Kobi Karp architect and design firm designed floor plans and common areas.

The property has an infinity-edge pool, garden, spa, fitness center, yoga center, and assigned, covered parking. Services include 24-hour security, concierge and valet. The half-acre parcel is on the bay in the heart of the Biscayne Corridor within blocks of the Miami Performing Arts Center, American Airlines Arena, Bayfront Park and Museum Park.