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

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

Dubai is known for its massive, billion-dollar developments,some being built on made-made extensions into the sea. This projectwill be south of those developments, Rothwell says, in thethree-billion-sf Dubailand area, about a five- to 10-minute drivefrom the coastline. He says the demand is there to support all theprojects, including his. "If you look at the absorption rate andthe sale rate on residential, there's still a significantpopulation increase in Dubai and there's no reason to believe itwon't continue. As such, developers are still seeing an opportuntiyto build. There's no credit crunch in Dubai," Rothwell tellsGlobeSt.com.