Construction on the first residences at the 20-acre site is slated for December. The builder will be offering fully furnished three-bedroom and four-bedroom homes priced from $350,000 to $450,000. Company officials project a quick sellout.

"Multifamily development is the hottest thing going right and we anticipate extremely strong interest from the investor market, here and abroad," says Marilyn Anderson, the company's sales and marketing director. The project has been planned for the past 12 months, Anderson tells GlobeSt.com. Coral Cay Resort amenities include a 3,500-sf recreation building, movie theater, business center, computer center and an arcade.

Engineered Homes has retained Bob Koch, a principal at Orlando-based Fugelberg-Koch Architects, as the project's design consultant. Engineered Homes posted $170 million in 2004 home sales. In addition, the 10-year builder has sold 4,000 homes valued at $750 million to date.