(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI-Last week, architect David Fisher revealed design plansfor a rotating tower here that would be similar to mixed-usedprojects he has under way in Dubai and Moscow. The $1 billion,80-story DynamicTower in Dubai will include 20 floors of office, 15 floorsof luxury hotel rooms, 45 floors of residential apartments and 10floors of luxury villas, and is set for completion in 2010. Thestructure will be the world's first "building in motion," with theability to change shape and appearance, according to Fisher'sItaly-based firm, Dynamic Architecture.

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Now the creator of Dynamic Tower says he is in talks with bothlocal and international developers who are interested inconstructing the same type of building in Miami. However, localexperts say such an undertaking is a huge risk in today'seconomy.

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There is no site set for the tower yet, Fisher tellsGlobeSt.com, but he is confident that he will have a committeddeveloper, even before the first building is complete in Dubai.Each component of the development is prefabricated and can beassembled on site with the help of only 80 technicians, as opposedto a regular construction team of thousands, according to Dynamic'sWeb site.

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Fisher says he'd like the Miami structure to be located near thewater and that it will ideally contain 70 to 80 floors. Thosefloors would rotate independently and contain wind turbines fittingbetween each floor. The energy created by the turbines could powerthe entire tower or could be connected to a power grid and sold,says Fisher.

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"I think it's a magnificent project, but we need to take a stepback and look at the market that we're in," says Alan Kaye,managing director of Sperry Van Ness Kaye commercial investmentgroup in Boca Raton. "With anywhere from 20,000 units to 60,000units in construction or on the drawing board in South Florida, Idon't see a market for this property in this economy at all." Hesays a growing concern about the downturn from banks, and even fromextremely high-net-worth individuals, makes the project a huge riskin today's environment.

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The architect will be hard-pressed to find a developer becauseso many are in the process of cleaning up existing situations thathaven't gone as expected, says Kaye. "The firm doesn't have alocation and financing is going to be a huge issue in this market,"he adds. Financing could also be a huge challenge for the project,from construction loans to those for end users.

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On the other hand, it could appeal to a wealthy audience thathas to have the newest and best toy in the marketplace, says Kaye,but adds, "I think it's a little ahead of its time, especially inthis economic climate. I don't think we have sufficient informationyet about how the building will actually work, and because of thatI don't see who's going to buy this unseen."

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Fisher admits he had doubts about proposing a project in Miamibecause of the city's current real estate situation, which centerson thousands of unsold urban condominium units. but says "topluxury and iconic buildings will always work." An iconic buildinglike Dynamic Tower has the power to change the downward real estatetrend, he says.

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