Vitri is located at 541 W. Florida Ave. on a parcel that Lysa Migliorati, project developer, says has had several past lives. Most recently the site housed valet parking garages and abandoned industrial buildings. Vitri is two joined structures with 20,000 sf of ground-floor retail and three floors of two-story residential units above. The one-, two- and three-bedroom units, all on two floors, average between 1,500 sf and 2,200 sf. Pricing begins in the $600,000s and reaches to more than $2 million, she says, for the roof townhouse which includes a terrace of approximately 1,500-sf.

She declined to disclose the estimated construction cost and the projected sell-out. "The project is between 60% and 70% pre-sold," she tells GlobeSt.com, "and many of the more expensive penthouse units are still available, so it's hard to know what sell-out will be. We still have a chunk to go." Asked if there was concern about the abundance of condos now on the market, she says, "the demand is still there for us. Each of the projects is distinct." The market for Vitri, she says, "is primarily end-users, mostly affluent second-home buyers. It's a big New York market," she adds, attributing that to "the appeal of the architecture."

The retail space is divided into 18 units, including a restaurant. "That space is now being offered for lease, but we're open to [for-sale] negotiations," Migliorati says. Groundbreaking is scheduled for April 2006, followed by completion within 24 months. Residential sales and marketing are being handled by Miami Beach-based Douglas Elliman Florida, a partnership Boymelgreen created with New York City-based Douglass Elliman.