MIAMI-The locally based Related Group has penciled a summer start for Oasis on the Bay. The two-tower, 475-unit condominium project will rise at 7951 N.E. Bayshore Court.

The towers will each have 20 stories. The project will have one-, two- and three-bedroom units ranging in size from 686 sf to 1,900 sf. Unit amenities will include Italian cabinetry, granite countertops, stainless steel appliances and private balconies. The project is expected to be completed in early 2009.

Sales are being handled by Related Cervera Realty Services. About 200 units in Tower 1 have been sold. Units in Tower 2, which have just been placed on the market, will range from $176,000 to $1.3 million for a penthouse unit. The estimated sell-out of the project is $190 million, according to Related Cervera Realty Services director of sales Jesse Ottley.

The project was designed by Cohen, Freedman, Encinosa & Associates Architects. The interiors were designed by Mike Niven Interior Designs. "The concept is simple and is the result of our listening to the market," says the Related Group chairman and CEO Jorge Perez. "We are offering all the excitement and luxury of today's Miami, but at pre-boom prices."

The project is situated directly on Biscayne Bay and is centrally located between Downtown, Miami Beach, Bal Harbour and Aventura. Residents will have access to the beach and other amenities through the Aqua Club, which is being constructed on site. "Because we are a waterfront property, residents will be able to enjoy their backyard which is Biscayne Bay," Ottley says.