MIAMI-Buoyed by the success of its work force housing projects, the locally based Related Group is now setting its sights on the 404-unit Loft 4 project at 151 SE First St. It's the fourth in a series of high-rise work force housing projects by Related.

The 36-story Loft 4 project will contain five retail units on the ground floor. Prices for the units begin at $139,000 with 85% of the units priced under $300,000. The architects on the project are locally based Cohen, Freedman, Encinosa & Associates. The project cost has not yet been determined.

Related Group assistant project manager Luis Castellon tells GlobeSt.com that groundbreaking is anticipated in about a year. With construction expected to last about two years, the project is scheduled to be completed in 2010. "We are targeting the beginning of August to launch sales of the units," he says.

The project is within walking distance of the Metromover, and Miami-Dade College and just west of Biscayne Boulevard. It is short walk to Bayfront Park and the American Airlines Arena and several blocks away from the Brickell business district. "We're launching the project based on the success we've had with our other Loft projects," Castellon says. "These buildings hit a price point that other buildings in the CBD don't even come near."

The one- and two-bedrooms will feature 10-foot ceilings, terrazzo countertops and stainless steel appliances. Complex amenities include pools, clubroom and fitness center.

All the units in the three other Loft projects have been sold. Loft 1 is completed and fully occupied, Loft 2 is scheduled to be completed in August or September and Loft 3 is expected to break ground in September, Castellon says.