Richard Grant, Sound Factory's owner, says the lease is for a 20-year term and the opening rental rate is $17 per sf. The four-story building will have different styles of music on each floor and live shows. There will be a VIP lounge on the rooftop. Grant says occupancy allows for 483 people at a time on each floor so total occupancy can be about 2,000 people at a time.

Locally based Max Strang Architecture is designing the club. Strang says, "the look will honor the industrial esthetic of this rather 'edgy' neighborhood." The building will have high-tech sound and light systems with 120,000 watts of power. "This building will pulse."

The location is in the heart of Miami's entertainment district. "Miami has a perfect demographic, more suitable for us than New York," Grant tells GlobeSt.com. He says he also plans to open Sound Factory nightclubs in London and Tokyo.