The towers will be between 44 and 48 stories tall, says Rothwell. The first phase of the project will encompass 1,377 units in three towers, to be completed by the end of 2011. The second phase will have 1,450 units in the other three towers, to be done by the end of 2012. "We're now taking reservations for the first phase," he says. The company hasn't officially signed an agreement to build the third part of the project, which would be adjacent to the first two phases.

The project gets its name because a park at the center resembles an eye. The six buildings would be on one side of the eye, facing the larger building, Rothwell says.

Dubai is known for its massive, billion-dollar developments, some being built on made-made extensions into the sea. This project will be south of those developments, Rothwell says, in the three-billion-sf Dubailand area, about a five- to 10-minute drive from the coastline. He says the demand is there to support all the projects, including his. "If you look at the absorption rate and the sale rate on residential, there's still a significant population increase in Dubai and there's no reason to believe it won't continue. As such, developers are still seeing an opportuntiy to build. There's no credit crunch in Dubai," Rothwell tells GlobeSt.com.

Rothwell says the project will be geared toward green. The towers will have technology such as energy-efficient geothermal and solar heating and cooling systems and low-flow, reusable water systems.