MIAMI-On the heels of completing the conversion of the 562-unit south tower at Flamingo South Beach, Chicago-based MCZ/Centrum HAS acquired the 614-unit north tower for $170 million. MCZ/Centrum had an option to buy the tower from Apartment Investment and Management Co.

"We continue to remain bullish about the Miami Beach condominium market, particularly because we closed more than 400 units in Flamingo's south tower during the fourth quarter of 2006," says MCZ/Centrum developer Michael Lerner. "When compared to data posted by the Multiple Listing Service, these closings are especially significant because they are nearly equal to the total number of condos closed throughout Miami Beach during that same period."

Sales of the units in the north tower, which will range from the $300,000s to the $800,000s will begin April 1. Locally based Fortune International, which handled sales of the south tower, will remain the exclusive sales agent for the north tower.

With $10 to $15 million of the $40 million renovation budget spent, conversion of the south tower is nearly complete. Renovations included a remodeling of the lobby and interior hallways and the addition of more than 100 palm trees framing Balinese-inspired tropical gardens. The two bayfront pools are receiving upgrades, including custom marble and travertine decks and expanded tropical planters.

Lerner tells GlobeSt.com that all but a handful of the units in the south tower have been sold. Work on the north tower, which will begin within two months, will be similar to work done on the south tower. The north tower includes studios, one- and two-bedroom units ranging in size from 500 to 1,400 sf.

Flamingo South Beach consists of 1,688 units in three towers situated on 16.5 acres with views of Biscayne Bay, Star Island and Downtown Miami. MCZ/Centrum has an option to buy the third tower. "We won't start work on the third tower until the end of the year," Lerner says.