After utilities lines are rerouted at the site, excavation work will begin. The project is expected to be completed in about a year. About 110,000 sf of the space has already been sold. Prices range from $600 to $750 per sf.

The project features office space with balconies, security systems and concierge. Some floors will have wrap-around terraces. The two 12,900-sf penthouses have 360-degree views and 11-foot ceilings. "This will be the first ground-up office condo in the area," Florida East Coast Realty chairman and president Tibor Hollo.

The project was designed by locally based Theodore Roux. The general contractor is locally based Beauchamp Construction Co. and the exclusive sales agent is Vistas International Realty.

The project will be co-managed by Hollo's sons, Jerome and Wayne Hollo. In addition to 2020 Ponce, Florida East Coast Realty is developing Villa Magna, a residential project in Brickell with two 60-story towers. Other projects include Rivergate Plaza, a mixed use office tower in Brickell; Opera Tower; Bay Park Plaza and the Club at Brickell Bay.