WEST PALM BEACH, FL-Miami Beach-based WSG Development Co. has unveiled plans for Prism, a six-story, 226-unit condo at 2601 N. Flagler Dr. WSG CEO Eric Sheppard tells GlobeSt.com his company acquired the three-acre parcel, which now contains a professional office building, for $11 million, or north of $3.6 million an acre.

The location is less than a mile from CityPlace, the $600-million, 2.8-million-sf, mixed-use redevelopment on 55 acres along Okeechobee Boulevard. The late-2000 opening of the retail component of CityPlace sparked a land grab, and significant residential development is under way within and surrounding the project.

This July, WSG will demolish the existing building at the site to break ground for Prism and anticipates completion within 18 months of groundbreaking. Sheppard declined to disclose a construction cost, but says the developer projects a $145-million sell-out. Miami-based Majestic Properties is handling sales and marketing, which will begin "in the next few weeks," he says, adding, "we have a list of interested buyers."

Prism, designed by Miami-based Kobi Karp, contains 48 different floor plans of one-, two- and three-bedroom flats and townhouse units ranging from 640 sf to just over 2,200 sf. Pricing begins in the $300,000s and reaches to $1 million for the penthouses.

This follows WSG's development of 442-unit Canyon Ranch Living-Miami Beach. It is expected to reach completion by the end the year, 100% sold at prices that reach above $9 million a unit.