MIAMI BEACH-Indianapolis-based Maefield Development is constructing a $125-million, three-building, 72-unit Capri South Beach. The project is rising on 500 feet between Lincoln Terrace and 16th Street overlooking the Biscayne Bay.

The project includes several components. Marina Piccola is a three-story, six-unit renovated historic structure at 1491 Lincoln Terrace that was originally designed by architect Igor Polevitsky. Marina Grande is a 14-story, 61-unit project at 1445 16th St. Ana Capri is a six-story, five-unit building at 1445 16th St. The three-bedroom, 2.5-bathroom units will feature 2,000 sf of interior space and balances as large as 3,500 sf.

Maefield Development president Mark Siffin tells GlobeSt.com several older buildings were located there when he acquired the site. All but the historic structure were demolished to make room for the project.

Among attributes of the project are the location, which is directly on the waterfront and in close proximity to Lincoln Road, where restaurants, shopping and other attractions are located. "The project is on the water and has the best views of Downtown Miami," Siffin says.

Locally based Kobi Karp Architecture is the architect on the project and Rene Gonzalez Interior Design is the interior designer. The historic renovation and the new construction are being done concurrently. The project broke ground in 2006 and is expected to be completed in first quarter 2008, Siffin says.

Prices for the units range from the $600,000s to $2.5 million. About half of the units have been sold, he says.