All 265 units have been reserved with $5,000 deposits and many others are in back-up position to nab a unit in the only high-rise residential tower to be designed by Libeskind, an acclaimed international architect and a personal friend of Nassi. At an invitation-only event his weekend, those who have reserved a unit will select a specific unit, sign a purchase contract and put up a 15% nonrefundable deposit that will be held in escrow during construction.

"It's going to be a chaotic event of musical chairs," says Nassi, referring to the fact that there are many more refundable deposits than there are units to be sold. "Hundreds of people are on back-up lists."

By pre-selling all of the units despite high demand and the lender's requirement that only 50% of the units be pre-sold, Nassi is admittedly leaving money on the table. "I'd rather take a nickel now than a dime later because markets change," he says. "We're at a point now where there's pent-up demand."

Aura's units will range in size from 746 sf to more than 3,000 sf and the prices will range from the $400,000 range to upward of $1.5 million. The residential units are being sold in-house, though Nassi says he is paying commissions to brokers who bring in buyers.

Each unit will be outfitted with Bulthaup kitchens, Miele and Sub-Zero appliances and glass-railed terraces with panoramic views. Common area amenities will include: a pool and hot tub; terrace bar and landscaped roof garden; indoor and outdoor Yoga areas; an outdoor fire pit; humidors and wine storage for residents; private movie screening room; separate his and-hers spa facilities; fitness center; business center; and two luxury hotel suites for owners' guests.

Owners who are buying units as second homes or investments will be able to put them into a rental program. Covenants will restrict units from being leased for any period less than 12 months.

The construction lender will be Corus Bank, Nassi says. The equity required for the loan will come from Nassi and unnamed private equity partners.

The project will include about 14,000 sf of retail that is being leased by Jeredith Duvall of TRI Commercial. "Her mission is to get a very high-end coffee shop and a very high-end restaurant," Nassi says.