FORT LAUDERDALE, FL-A joint venture between Miami-based Global Developments LLC and Lionstone Development will break ground this spring for Acqua Marina. It consists of just eight three-and four-level townhouse-style attached residential units along a waterfront strip at 201-209 Hendricks Isle, an exclusive enclave within walking distance of Downtown's Las Olas Boulevard.

Lionstone acquired the land two years ago for about $3.3 million, Daniel Sawicki, a principal of Global, tells GlobeSt.com. He estimates hard construction costs of about $170 per sf for the townhouses. There are two different layouts, each with three bedrooms, a den and 3.5 baths. End units contain 3,365 sf under air, and the central units have 3,700 sf under air. All have backyards, terraces, private elevators, two-car garages and private docks, each of which can accommodate a 65-foot boat. The selling price for each is just below $1.9 million, which would put sell-out at $14.8 million. The JV expects the project to reach completion by spring 2007.

Lionstone owns the Ritz-Carlton South Beach hotel and is a co-developer of Epic Residences and Hotel and the Ritz-Carlton Club and Residences in South Beach. Global has more than 15 luxury residential projects either completed or underway from Miami Sound north to Stuart/Hobe Sound.