MIAMI-The locally based Related Group is planning to build Loft 3, a $130-million work force condominium project at 201 N.E. 2nd Ave.

The 32-story project will include 496 residential units and approximately 15,000 sf of ground-floor retail space. The units will be priced from $159,000 with 70% of its units priced under $300,000. The project is the third in the company's Loft series of urban high rises and is being completed by the company's attainable housing division. Loft 1 is 100% occupied and Loft 2 will open in May 2007.

"We decided to move forward with Loft 3 based on the success of our other Loft projects and also because of the need for workforce housing in the Miami area," says Oscar Rodriquez, the Related Group vice president of development and head of the attainable housing division, tells GlobeSt.com.

Related will begin selling units within the next two weeks and hopes to begin construction within nine months. Construction will last approximately two years, Rodriquez says. The units will feature one- and two-bedroom units with minimum ceiling heights of 10 feet. Other unit features will include imported white cabinetry, terrazzo countertops and stainless steel appliances. Building amenities will include 24-security, swimming pool and wet bar on the 28th floor recreation deck, spa, sauna and fitness center.

Among project attributes are its downtown location, across from the Metromover mass transit system and Miami-Dade College. It is also within walking distance of the courthouse, Bayfront Park and the American Airlines Arena. "We believe that this will be a once-in-a-lifetime opportunity due to its location," Rodriquez says.