MIAMI-Developers have begun construction on Mei, a $120-million, 21-story condominium project at 5875 Collins Ave.

The project is being developed by PMG Collins LLC, a subsidiary of New York-based Property Markets Group, and Hollywood-based Bruce M. Goldstein, of Bruce Goldstein & Associates. The principals of PMG Collins are Mitchell Schneiderman and Kevin Maloney.

PMG Collins acquired the 1.75-acre where the project is being constructed for $42 million over a year ago. The acquisition was subject to an existing building permit for the site. Schneiderman tells GlobeSt.com that developers had originally intended to break ground on the project last year, but were delayed due to the extensive changes that were made from the previous owner's design of the building. Among those changes were eliminating the top floor to achieve the desired ceiling heights in units. "Our plans have changed dramatically from the previous owners," he says. "All of those changes were costly in terms of time."

The foundation has been nearly completed and most columns have been poured. The project is expected to be completed in fall 2007. Hollywood-based TGI Construction is the general contractor on the project. "We are progressing according to schedule," TGI Construction senior manager Daniel Diesendruck. "Prior to the cement pour, we installed piles and dewatered. Also, excavation, formwork and steel placement activities are well under way. We are in excellent shape for this project."

The project, halfway between South Beach and Bal Harbour, will contain 134 units that range in size from 900 sf to 2,500 sf with prices ranging from $1 million to more than $2 million. The architecture is inspired by Asian grace and beauty and will feature a tea lounge and library. The exclusive sales agent on the project is locally based International Sales Group LLC. All of the units have been sold.